Chesapeake reaches $25M settlement over Michigan leasing charges
Fri, Apr 24, 2015 • CHK
Chesapeake Energy (CHK -0.2%) will create a $25M compensation fund as part of a settlement of antitrust and racketeering charges brought by the state of Michigan, Reuters reports.
CHK also agrees to plead no contest to one count each of attempted antitrust violation and false pretenses, charges that the court would dismiss after 11 months if CHK adheres to the settlement terms.
The antitrust charge brought by the Michigan AG alleged that CHK colluded with a competitor, Encana, to suppress oil and gas land lease prices at a 2010 state land lease auction; Encana agreed to pay $5M in a civil settlement with the state in May 2014.
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Apr 24 03:33 PM
Encana got away with a 5 mil and we're stuck with 25 mil because mgt wouldn't settle?? can some explain that to me?
Apr 24 03:54 PM
Chesapeake initiated the conspiracy (it's time we smoke the peace pipe).
Apr 24 04:02 PM
At least another part of the previous mgm negative legacy will be behind us. Another obstacle or unknown gone so it don't scare off potential buyers. This settlement is a positive for Chk future.
Apr 24 05:25 PM
CHK going higher next week . $16's
Apr 24 06:04 PM
Why on a Friday?
Apr 24 09:06 PM
Just the state gettin paid. No matter what, the bureaucrats & lawyers gotta get theirs. This is standard fare for EU. Im long...