Devon Energy’s $28 Million Settlement Over Gas Royalties OK’d

Devon Energy Production Co. will pay $28 million to Texas well owners who say they were underpaid royalties after a federal court in the state granted final approval of a class action settlement and plan of allocation.

The settlement is fair and reasonable considering the complexity and duration of the case, and the “risks involved in establishing liability and damages,” according to the U.S. District Court for the Northern District of Texas. The plan of allocation is also fair and reasonable to the class, the court said Wednesday.

Class counsel was awarded about $9.3 million in attorneys’ fees, according to ...