Ponca City, OK

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Hi: 70 °F | Lo: 44 °F

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Tuesday

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Settlement erases some of Aubrey McClendon estate debts

The Associated Press - March 12, 2017 10:55 am

Settlement erases some of Aubrey McClendon estate debts
OKLAHOMA CITY (AP) – Chesapeake Energy Corp. has withdrawn its claim for more than $455 million against the estate of late former CEO Aubrey McClendon.
It’s part of a settlement of a 2015 lawsuit in which the company alleged McClendon took trade secrets when he left Chesapeake and used the information for his new company.
An Oklahoma City probate judge approved the settlement Thursday.
Chesapeake will pay $3.5 million for legal fees and other services to McClendon’s estate. The company dropped demands for reimbursement of undisclosed compensation and benefits. McClendon’s estate gave up claims to unpaid compensation and benefits.
Several other claims remain against McClendon’s estate.
McClendon died in a 2016 vehicle crash after he was indicted on allegations that he conspired to rig bids to buy oil and natural gas leases.

Image: KOCO

 

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