Speed v. JMA Energy, L.L.C.
Speed v. JMA Settlement
Case No. CJ-2016-59

Frequently Asked Questions

 

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  • The Notice generally explains the claims being asserted in the Litigation, summarizes the Settlement, and tells you about your rights to remain a Class Member or to timely and properly submit a Request for Exclusion (also known as an “opt out”) so that you will be excluded from the Settlement. The Notice provides information so you can decide what action you want to take with respect to the Settlement before the Court is asked to finally approve it. If the Court approves the Settlement and after the final resolution of any objections or appeals, the Court-appointed Settlement Administrator will issue payments to Class Members, without any further action from you.

    The Notice describes the lawsuit, the Settlement, your legal rights, what benefits are available, who is eligible for them, and how to get them. You may view the Notice here.

  • The Litigation seeks damages for Defendant’s alleged failure to pay statutory interest on allegedly late payments under Oklahoma law. Defendant expressly denies all allegations of wrongdoing or liability with respect to the claims and allegations in the Litigation. The Court has made no determination with respect to any of the parties’ claims or defenses. A more complete description of the Litigation, its status, and the rulings made in the Litigation are available in the pleadings and other papers maintained by the District Court of Hughes County, in the file for Case No. CJ-2016-59. 

  • On April 12, 2019, the Court preliminarily approved a Settlement in the Litigation between Plaintiff, on behalf of himself and the Settlement Classes, and Defendant. This approval and the Notice are not an expression of opinion by the Court as to the merits of any of the claims or defenses asserted by any of the parties to the Litigation, or of whether the Court will ultimately approve the Settlement Agreement. In settlement of all claims alleged in the Litigation, Defendant has agreed to pay $800,000.00 in cash (“Gross Settlement Fund”). 

    In exchange for the payment noted above and other consideration outlined in the Settlement Agreement, the Settlement Class Participants (as defined in the Settlement Agreement) shall release the Released Claims (as defined in the Settlement Agreement here) against the Released Parties (as defined in the Settlement Agreement). The $800,000.00 cash payment is referred to as the “Gross Settlement Fund.” The Gross Settlement Fund, less Class Counsel’s Fees and Expenses, and other costs or deductions approved by the Court (the “Net Settlement Fund”), will be distributed to the Settlement Class Participants pursuant to the terms of the Settlement Agreement. 

  • The Settlement Classes in the Litigation consists of the following individuals and entities: 

    Class A
    All non-excluded Persons who are or were Royalty Interest owners in oil and gas wells located in Oklahoma who received payments of Proceeds of Production from Defendant (or Defendant's designee) with payment dates between June 1, 2000 and December 31, 2016 which were not or claimed not to have been made within the applicable time periods set forth in Oklahoma's Production Revenue Standards Act, Okla. Stat., tit. 52, §570.1, et. seq.  

    Class B
    All non-excluded Persons who are or were an owner of an Other Interest in oil and gas wells located in Oklahoma who received payments of Proceeds of Production from Defendant (or Defendant's designee) with payment dates between June 1, 2000 and December 31, 2016 (or Defendant's designee) which were not or claimed not to have been made within the applicable time periods set forth in Oklahoma's Production Revenue Standards Act, Okla. Stat., tit. 52, §570.1, et. seq.

    The Persons excluded from the Settlement Classes are: (1) agencies, departments, and/or instrumentalities of the United States of America or the State of Oklahoma and (2) publicly traded oil and gas companies and their affiliates; and (3) officers of the Court.

  • In settlement of all claims alleged in the Litigation, Defendant has agreed to pay $800,000.00 in cash (“Gross Settlement Fund”). 

    In exchange for the payment noted above and other consideration outlined in the Settlement Agreement, the Settlement Class Participants (as defined in the Settlement Agreement) shall release the Released Claims (as defined in the Settlement Agreement available here) against the Released Parties (as defined in the Settlement Agreement). The $800,000.00 cash payment is referred to as the “Gross Settlement Fund.” The Gross Settlement Fund, less Class Counsel’s Fees and Expenses, and other costs or deductions approved by the Court (the “Net Settlement Fund”), will be distributed to the Settlement Class Participants pursuant to the terms of the Settlement Agreement. 

  • By taking no action, Class A Members' interests will be represented by Plaintiff as the Class Representative and Plaintiff’s Counsel. As a Settlement Class Participant, you will be bound by the outcome of the Settlement, if finally approved by the Court. The Class Representative and Plaintiff’s Counsel believe that the Settlement is in the best interest of the Class, and, therefore, they intend to support the proposed Settlement at the Final Fairness Hearing. As a Settlement Class Participant, you will be bound by the Settlement Agreement and all orders and judgments entered by the Court regarding the Settlement. If the Settlement is approved, unless you excluded yourself from the Settlement Class (please refer to FAQ 9), neither you nor any other Releasing Party will be able to start a lawsuit or arbitration, continue a lawsuit or arbitration, or be part of any other lawsuit against any of the Released Parties based on any of the Released Claims. 

  • Class B Members can remain in the Class and become a Settlement Class Participant by properly completing a Claim Form and timely submitting the same to the Settlement Administrator by way of certified mail, return receipt requested, to be received by June 25, 2019, at 5 p.m. CDT.  By taking such action, the Class B Member's interest will be represented by Plaintiff as the Class Representative and Plaintiff's Counsel.  As a Settlement Class Participant, the Class B Members will be bound by the outcome of the Settlement, if finally approved by the Court.  Further, as a Settlement Class Participant, the Class B Member will be bound by all orders and judgments entered by the Court and neither the Member nor any other Releasing Party will be able to start a lawsuit or arbitration, continue a lawsuit or arbitration, or be a part of any other lawsuit against any of the Released Parties based upon any of the Released Claims.

  • The Court must approve the Allocation Methodology, which describes how the Settlement Administrator will allocate the Net Settlement Fund.

    The Net Settlement Fund will be distributed by the Settlement Administrator after the Effective Date of the Settlement. Class A Members of the Settlement Class are defined to include anyone who was and/or is a royalty interest owner during the Claim Period. Class B Members of the Settlement Class are defined to include anyone who was and/or is an owner of an interest other than a royalty interest during the Claim Period. Class B Members will be required to submit a Claim Form in the form attached as Exhibit 5 to the Settlement Agreement. 55% of the Net Settlement Fund shall be used for payment to Class A Members and 45% of the Net Settlement Fund shall be for payment to Class B Members. The Effective Date requires the exhaustion of any appeals, which may take a year or more after the entry of Judgment. The Settlement may be terminated on several grounds, including if the Court does not approve or materially modifies the terms of the Settlement. If the Settlement is terminated, the Litigation will proceed as if the Settlement had not been reached.

    The Notice does not and cannot set out all the terms of the Settlement Agreement, which is available here. This website will eventually include this Class Notice and Plaintiff’s Counsel’s application for Class Counsel’s Fees and Expenses and other documents. You may also receive information about the progress of the Settlement by visiting this website, calling the Settlement Administrator toll-free at 1-833-285-1323, or by contacting the Settlement Administrator at the following address:

    Speed v. JMA Settlement
    c/o JND Legal Administration, Settlement Administrator
    P.O. Box 91193
    Seattle, WA 98111

  • The deadline for Class A Members to opt out of the Settlement was May 28, 2019, at 5 p.m. CDT and has passed.

  • If a Class B Member does not wish to be included in the Settlement Class and participate in the Settlement, the Class B Member does not need to take any action.  By taking no action, the Class B Member will not be a Settlement Class Participant, will not be bound by the Settlement Agreement or entitled to any benefits provided for therein, will not be releasing any claims it may have against the Defendant, and will not be bound by any of the orders and judgments entered by the Court in the case.

  • Plaintiff’s Counsel, Reagan E. Bradford of The Lanier Law Firm, P.C. has been litigating this case without any payment whatsoever, advancing expenses.

    Settlement Class Participants have the right to retain their own attorney to represent them at the Final Fairness Hearing. If you retain separate counsel, you will be responsible to pay his or her fees and expenses out of your own pocket. 

  • Counsel for Plaintiff (“Plaintiff’s Counsel”) intends to seek an award of attorneys’ fees of not more than 40% of the Gross Settlement Fund. Plaintiff’s Counsel, Reagan E. Bradford of The Lanier Law Firm, P.C. has been litigating this case without any payment whatsoever, advancing expenses. At the Final Fairness Hearing, Plaintiff’s Counsel will also seek reimbursement of the Litigation Expenses incurred in connection with the prosecution of this Litigation and that will be incurred through final distribution of the Settlement, which amount will not exceed $30,000.00, to be paid out of the Gross Settlement Fund. In addition, Plaintiff intends to seek a Case Contribution Award for its representation of the Class, which amount will not exceed $25,000.00, to compensate Plaintiff for his time, expense, risk and burden as serving as Class Representative.

  • The deadline to object to the Settlement was May 28, 2019, at 5 p.m. CDT and has passed.

  • The Final Fairness Hearing will be held on July 12, 2019, beginning at 1:30 p.m., in the District Court of Hughes County, 200 N. Broadway, Holdenville, Oklahoma 74848. Please note that the date of the Fairness Hearing is subject to change without further notice. You should check with the Court and this website to confirm no change to the date and time of the hearing has been made.

    At the Fairness Hearing, the Court will consider: (a) whether the Settlement is fair, reasonable, and adequate; (b) any timely and properly raised objections to the Settlement; (c) the Allocation Methodology; and (d) the application for Class Counsel’s Fees and Expenses. 

  • By taking no action, Class A Members' interests will be represented by Plaintiff as the Class Representative and Plaintiff’s Counsel. As a Settlement Class Participant, you will be bound by the outcome of the Settlement, if finally approved by the Court. The Class Representative and Plaintiff’s Counsel believe that the Settlement is in the best interest of the Class, and, therefore, they intend to support the proposed Settlement at the Final Fairness Hearing. As a Settlement Class Participant, you will be bound by the Settlement Agreement and all orders and judgments entered by the Court regarding the Settlement. If the Settlement is approved, unless you excluded yourself from the Settlement Class, neither you nor any other Releasing Party will be able to start a lawsuit or arbitration, continue a lawsuit or arbitration, or be part of any other lawsuit against any of the Released Parties based on any of the Released Claims. 

  • By taking no action, the Class B Member will not be a Settlement Class Participant, will not be bound by the Settlement Agreement or entitled to any benefits provided for therein, will not be releasing any claims it may have against the Defendant, and will not be bound by any of the orders and judgments entered by the Court in the case.

  • The Notice summarizes the Settlement Agreement, which sets out all of its terms. You may obtain a copy of the Settlement Agreement with its exhibits, as well as other relevant documents, from the Important Documents page, or you may request copies by contacting the Settlement Administrator as set forth in FAQ 8. In addition, the pleadings and other papers filed in the Litigation, including the Settlement Agreement, are available for inspection in at the Clerk of the Court, set forth in FAQ 13, and may be obtained by the Clerk’s office directly.  If you have any questions about the Notice, you may consult an attorney of your own choosing at your own expense or Class Counsel.

    PLEASE DO NOT CONTACT THE JUDGE OR THE COURT CLERK ASKING FOR INFORMATION REGARDING THE NOTICE.

For More Information

Visit this website often to get the most up-to-date information.

Mail

Speed v. JMA Settlement
c/o JND Legal Administration
P.O. Box 91193
Seattle, WA 98111