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Seventy Seven Energy Cleared for $15 Million 401(k) Settlement

Aug. 19, 2022, 5:24 PM

A $15 million settlement between Seventy Seven Energy Inc.'s retirement plan committee and participants challenging losses tied to the plan’s large holding in Chesapeake Energy stock received final approval from an Oklahoma federal judge, as did a $5 million fee award for the participants’ lawyers.

The deal is slated to benefit about 4,000 participants in the Seventy Seven plan who held Chesapeake stock in their retirement accounts. It represents about 26.5% of the plan participants’ maximum estimated damages, according to the parties’ settlement motion.

Chief Judge Timothy D. DeGiusti of the US District Court for the Western District of ...