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FORUM « McNulty memo under scrutiny | New featured column: Nicole Gelinas on Wall Street woes » January 29, 2007WV Courts Continue to Follow in Sen. Byrd's Footsteps AP reports that a West Virginia jury has awarded $405 million to plaintiffs in a class-action lawsuit that accused a subsidiary of Oklahoma City-based Chesapeake Energy of failing to make proper payments on natural gas royalties. Over two-thirds of the amount awarded are punitive damages. The case focused on post-production expenses deducted from payments due royalty owners. The lawsuit said deductions were excessive. Chesapeake bought Columbia Natural Resources of Charleston, West Virginia, in November 2005 for $2.2 billion. It might be a bad move for an out-of-state firm to buy a West Virginia firm, as I noted in this short piece about punitives[on p. 118 of the publication]. Posted by Michael Krauss at 07:22 AM | TrackBack (0) |
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Published by the Manhattan Institute
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