Snider v. Administrative Committee, Seventy Seven Energy, Inc. Retirement & Savings Plan et al

Snider v. Administrative Committee, Seventy Seven Energy, Inc. Retirement & Savings Plan et al

Plaintiff brought this class action in the United States District Court for the Western District of Oklahoma on September 28, 2020, on behalf of himself and all participants in the Seventy Seven Energy Inc. Retirement & Savings Plan (the “Plan”). Plaintiff alleges that the fiduciaries of the Plan improperly decided to allow the investment of Plan assets in the stock of Chesapeake Energy Corp., even though investment in a single-company stock fund is extremely risky – a risk that was compounded because Chesapeake Energy stock has the volatility common to the oil and gas industry. Seventy Seven Energy Inc., the employer and sponsor of the Plan, was created in 2014 when Chesapeake Energy spun off Chesapeake Oilfield Operating, L.L.C., which had been a wholly-owned subsidiary, creating a new, entirely separate and unaffiliated entity.

On October 8, 2021, the District Court denied Defendants’ Motion to Dismiss the Complaint in most respects and the case proceeded to discovery. On April 15, 2022, the parties agreed to a settlement on a class-wide basis for $15 million. The District Court preliminarily approved the Settlement on May 19, 2022 and granted Final Approval of the Settlement on August 18, 2022.

Official Settlement Website: http://www.seventysevensettlement.com/

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