I was a class member in the "largest oil and gas class action settlement ever" where's my fucking money?

www.Chieftain-qep.com gives most of the details on the settlement. I know literally jack shit about the oil and gas business but did inherit a lot of mineral rights about 8 years ago.

Trying to do some research here and figure out what I'm entitled to and where my money is.

What I know. The company basicly settled for $115 million. Attorneys will count for 1/3 of this.

The fairness hearing was in May of this year. I know there is probably an "appeals period" but I do not know how long that is. The website hasn't been updated since July and doesn't really give you any place to contact for more info.

I have an interest in 2 wells included in this settlement, I'm not sure how to figure out how much that interest is. Basicly they were from a grandfather and were passed down. One is entitled to 0.14286454% of the settlement proceeds, the other 0.02699004%

I have never been apart of anything like this before so I'm curious what to expect.

Need cash now?

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Originally Posted by FNdonkey

www.Chieftain-qep.com gives most of the details on the settlement. I know literally jack shit about the oil and gas business but did inherit a lot of mineral rights about 8 years ago.

Trying to do some research here and figure out what I'm entitled to and where my money is.

What I know. The company basicly settled for $115 million. Attorneys will count for 1/3 of this.

The fairness hearing was in May of this year. I know there is probably an "appeals period" but I do not know how long that is. The website hasn't been updated since July and doesn't really give you any place to contact for more info.

I have an interest in 2 wells included in this settlement, I'm not sure how to figure out how much that interest is. Basicly they were from a grandfather and were passed down. One is entitled to 0.14286454% of the settlement proceeds, the other 0.02699004%

I have never been apart of anything like this before so I'm curious what to expect.

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Providing you have an assurance that you are entitled to the % quoted, you will get your money but not quickly. Read carefully all the FAQs on the site. You are entitled to call the lawyers (you're paying for them) who should be able to provide an update on the case.

In the final settlement, funds will be paid from QEP through to their lawyers and then on to the class action lawyers. From this the settlement funds will be distributed to the victims.

The process is simlar to the full tilt settlement; we've seen how slow this is. Based on the FAQ below, don't expect any money for a year

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When will I be paid?
Answer:

Payment to Class Members is contingent on several matters, including the Court’s approval of the Settlement and that approval becoming final and no longer subject to any appeal to any court. The Net Settlement Fund will be distributed by the Settlement Administrator as soon as possible after final approval has been obtained for the Settlement, including the exhaustion of any appeals. Any appeal of final approval could take well in excess of one year. It is not anticipated that any meaningful interest will accrue on the Net Settlement Fund.

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I have no clue on this matter, however my spidey sense tells me this video is relevant:

http://www.youtube.com/watch?v=4UDnTJcjPhY

I frequently get fucked on my class action settlements. Supposedly they are all ready to pay me some agreed-upon amount, and then the check never comes. I'd say this occurs with about 50% of all class action suits of which I've been a member. I'm not sure how this happens, but I believe it's some bullshit where they suddenly declare certain people ineligible, or they run out of money to distribute, or some other crap like that. Or they just don't give a shit, once the law firm gets its huge payment.

That's what these are really about -- lawyers getting rich.

Class action lawsuits are great in theory but terrible in practice. Don't even get me started on them. I also hate when my "settlement" is something worthless. For example, Sprint overcharged its customers (including me) about $1.20 per month for several years, adding up to around $100. Instead of getting $100 back, I got a $25 prepaid calling card. Yeah, a prepaid calling card is really useful these days. Why can't the lawyers also be paid in prepaid calling cards, then?

:facepalm5

How many class action law suits have you honestly been apart of? Secondly I find it difficult to believe that you never noticed being charged an additional $1.20 by sprint.

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Originally Posted by Dan Druff

I frequently get fucked on my class action settlements.

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HOF You frequently get fucked while trying to fuck those that are fucking other people.

Unfortunately i have a shit ton of knowledge and experience with oil and gas lease litigation, including royalty payments and all of the various shady shit o&g companies do to try to screw over royalty owners.

Anyhow, based on the above...

The good news is class action royalty settlements are usually well run, and you will get paid what you're owed.

The bad news is the wheels of justice move sloooowly, especially when you have something complex like a hundred million dollar class action settlement involving thousands of claimants. So, it will take awhile. Hopefully only a few months and not a year.

Also, if you have any questions there is usually a 1800 number listed on the class website. Don't be afraid to give them a call. Making someone with knowledge available to speak with and explain the settlement to class members like you is literally the whole point of having that 1800 number.

Also class actions kick ass. Without them people would constantly be getting fucked over for small sums of money that arent worth the time and expense (and stress) to file an individual lawsuit about. Also without class actions keeping pharmaceutical companies in check we'd all be suffering from rectal bleeding right now.

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Originally Posted by rum dick

Unfortunately i have a shit ton of knowledge and experience with oil and gas lease litigation, including royalty payments and all of the various shady shit o&g companies do to try to screw over royalty owners.

Anyhow, based on the above...

The good news is class action royalty settlements are usually well run, and you will get paid what you're owed.

The bad news is the wheels of justice move sloooowly, especially when you have something complex like a hundred million dollar class action settlement involving thousands of claimants. So, it will take awhile. Hopefully only a few months and not a year.

Also, if you have any questions there is usually a 1800 number listed on the class website. Don't be afraid to give them a call. Making someone with knowledge available to speak with and explain the settlement to class members like you is literally the whole point of having that 1800 number.

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I work for an oil & gas company & my year end bonus is based on how much we can fuck over the royalty holders & landowners so I predict I'll get way more than the OP. The lawyers however will get rich.

 

I'm just kidding guys

 

but not about the lawyers getting rich

Also lol at $115M being the largest settlement ever by an O&G.