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Seventy Seven Energy Workers Get Nod for $15 Million 401(k) Deal

May 20, 2022, 2:04 PM

Seventy Seven Energy Inc.'s retirement plan committee can pay $15 million to settle litigation over the Chesapeake Energy stock held in the company’s retirement plan, according to a preliminary approval order signed by an Oklahoma federal judge.

The deal, which is slated to benefit about 4,000 participants in the Seventy Seven plan who held Chesapeake stock in their retirement accounts, represents about 26.5% of the plan participants’ maximum estimated damages, according to the settlement motion.

Chief Judge Timothy D. DeGiusti of the US District Court for the Western District of Oklahoma signed the preliminary approval order Thursday. DeGiusti allowed ...