Ritter v. Foundation Energy Management, LLC, et al
Ritter v. Foundation Settlement
22-CV-246-JFH

Welcome to the Ritter v. Foundation Settlement Website

If You Are or Were an Owner Paid by Foundation Energy Management, LLC or Corterra Energy Operating, LLC for Oil-and-Gas Production Proceeds from an Oklahoma Well, You Could Be a Part of a Proposed Class Action Settlement

Important Update: The Settlement Administrator began issuing Distribution Checks to eligible Class Members on May 30, 2024.

What is this lawsuit about?

The Litigation seeks damages for Foundation’s alleged failure to pay statutory interest on allegedly late payments under Oklahoma law (Class I) and damages for Corterra’s alleged failure to pay statutory interest on allegedly late payments under Oklahoma law (Class II). Defendants and Corterra expressly deny all allegations of wrongdoing or liability with respect to the claims and allegations in the Litigation. The Court has made no determination with respect to the merits of any of the parties’ claims or defenses.

Who is included?

The Settlement Classes in the Litigation consist of the following individuals and entities:

Class I
All non‑excluded persons or entities who, within the Claim Period: (1) received late payments under the PRSA from Foundation Energy Management, LLC (or Foundation Energy Management, LLC’s designee) for oil‑and‑gas proceeds from Oklahoma wells or whose proceeds were sent as unclaimed property to a government entity by Foundation Energy Management, LLC; and (2) whose proceeds did not include the statutory interest required by the PRSA.

Class II
All non‑excluded persons or entities who, within the Claim Period: (1) received late payments under the PRSA from Corterra Energy Operating, LLC (or Corterra Energy Operating, LLC’s designee) for oil‑and‑gas proceeds from the Oklahoma wells that were acquired by Foundation Energy Fund VII‑A, L.P., or whose proceeds from those acquired wells were sent as unclaimed property to a government entity by Corterra Energy Operating, LLC; and (2) whose proceeds did not include the statutory interest required by the PRSA.

The Claim Period means checks or payments made or issued by or on behalf of Defendants or Corterra at any time prior to and including September 12, 2022, subject to the terms of the Settlement Agreement regarding Released Claims. A list of the persons or entities excluded from the Class can be found in the Notice of Proposed Settlement, which is available for download from the Important Documents page.

What does the Settlement provide?

In settlement of all claims alleged in the Litigation, Defendants have agreed to pay Two Million Six Hundred Fifty Thousand Dollars ($2,650,000.00) in cash and Corterra has agreed to pay One Hundred Thousand Dollars ($100,000) (“Gross Settlement Fund”). In exchange for this payment and other consideration outlined in the Settlement Agreement, the Settlement Classes shall release the Released Claims (as defined in the Settlement Agreement) against the Released Parties (as defined in the Settlement Agreement). The Gross Settlement Fund, less Plaintiff’s Attorneys’ Fees, Litigation Expenses and Administration, Notice, and Distribution Costs, Case Contribution Award, and any other costs approved by the Court (the “Net Settlement Fund”), will be distributed to final Class Members pursuant to the terms of the Settlement Agreement. The Settlement Agreement also includes Future Benefits.

The Class Representative and Plaintiff’s Counsel believe that the Settlement is in the best interest of the Classes, and, therefore, they intend to support the proposed Settlement at the Final Fairness Hearing.

YOUR LEGAL RIGHTS AND OPTIONS

These deadlines may be moved, canceled, or otherwise modified, so please check this site regularly for updates.

Do Nothing, Participate in The Settlement

By taking no action, your interests will be represented by Plaintiff as the Class Representative and Plaintiff’s Counsel. As a Class Member, you will be bound by the outcome of the Settlement, if finally approved by the Court. If you are entitled to a distribution pursuant to the Allocation Methodology, you will receive your portion of the Net Settlement Fund, and you will be bound by the Settlement Agreement and all orders and judgments entered by the Court regarding the Settlement.

Exclude Yourself
(received by November 22, 2023, at 5 p.m. CT)
(Passed)

If you do not wish to be a member of the Settlement Classes, then you must exclude yourself from the Settlement Classes. If you validly request exclusion, you will not receive any distribution from the Net Settlement Fund, you cannot object to the Settlement, and you will not have released any claim against the Released Parties. You will not be legally bound by anything that happens in the Litigation. For more information, see FAQ 6.

Object
(received by November 23, 2023, at 5 p.m. CT)
(Passed)

Any Class Member who wishes to object to the fairness, reasonableness, or adequacy of the Settlement, any term of the Settlement, the Allocation Methodology, the Plan of Allocation, the request for Plaintiff’s Attorneys’ Fees and Litigation Expenses and Administration, Notice, and Distribution Costs, or the request for a Case Contribution Award to Class Representative may file an objection. For more information, see FAQ 7.

Retain Your Own Attorney

You have the right to retain your own attorney to represent you at the Final Fairness Hearing, which will be held on December 14, 2023, beginning at 2:00 p.m. If you retain separate counsel, you will be responsible to pay his or her fees and expenses out of your own pocket. For more information about the Hearing see FAQ 4.

For More Information

Visit this website often to get the most up-to-date information.

Mail
Ritter v. Foundation Settlement
c/o JND Legal Administration
Settlement Administrator
PO Box 91344
Seattle, WA 98111