Settles Natural Gas Royalties Case for $380 Million
NiSource Settles Natural Gas Royalties Case for $380 MillionEnergy companies NiSource and Chesapeake Energy have agreed to pay a settlement of $380 million to landowners who allege the companies underpaid royalties on natural gas. NiSource's share of the settlement is $339 million.
The trial jury had originally awarded the plaintiffs $134.3 million in compensatory damages and $270 million in punitive damages, for a total of $404 million, making this one of the national top 7 cases in 2007. That settlement would have covered approximately 8,000 landowners. The companies appeal was denied by the state of Virginia's Supreme Court, so they asked the US Supreme Court to review it. This new settlement comes before the US Supreme Court had a chance to decide whether or not it would review the case.
DEC-10-08: Natural gas case settled for $380 mil [WEST VIRGINIA RECORD: NATURAL GAS SETTLEMENT]
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