What happened to EQT in WV?
Natural gas driller EQT Corporation has agreed to settle a class action lawsuit brought by thousands of West Virginia gas owners. In the preliminary settlement agreement approved today, the company said it will pay $53.5 million for failing to make proper gas royalty payments between 2009 and 2017.
What was the settlement with EQT production company?
EQT Production Company A Court authorized the Notice. This is not a solicitation from a lawyer. This Settlement resolves a lawsuit over EQT’s deduction of severance taxes from the royalty payments owed to lease holders. The two sides disagree on whether EQT did anything wrong but have reached a settlement through compromise and negotiation.
Is there a class action lawsuit against EQT?
The class action lawsuit, Kay Company, LLC, et al. v. EQT Production Company, et al., was filed in 2013. More than 10,000 West Virginia gas owners who had entered into agreements with EQT joined the suit.
How much did EQT pay in the Kay lawsuit?
In the preliminary settlement agreement approved today, the company said it will pay $53.5 million for failing to make proper gas royalty payments between 2009 and 2017. The class action lawsuit, Kay Company, LLC, et al. v. EQT Production Company, et al., was filed in 2013.
Is EQT a class action lawsuit?
EQT Corporation ( NYSE: EQT) today announced that it has reached a tentative settlement agreement with West Virginia landowners who are part of a statewide class action lawsuit. EQT believes that the proposed settlement agreement, which will resolve lease royalty claims in a case that has been pending since 2013, ...
Is EQT based on index pricing?
And this: “EQT and the class representatives also agreed that future royalty payments will be based on a clearly defined index pricing methodology.” No more funny business with the price used to calculate the royalty.
How to exclude yourself from royalty payments?
You may exclude yourself from the Settlement by submitting a “Request for Exclusion” as detailed in Frequently Asked Question 14, by March 31, 2020. If you exclude yourself, you will not participate in these proceedings, nor will you receive any relief from this Settlement. You will retain the right to assert any claims you may have against Defendant for the deduction of severance taxes from your royalty payments. Note that you have a right to opt out of the Settlement only if your royalties were reduced by severance taxes and you have not objected to the Settlement.
What happens if you don't submit a timely request for exclusion?
If you do not submit a timely and complete Request for Exclusion, you can object to the terms of the Settlement, the attorneys’ request for fees and expenses, and/or the Settlement Class Representative’s request for Incentive Award. Any objections to the Settlement must be submitted to the Settlement Administrator by March 31, 2020. More details on objecting are set forth in the answers to Frequently Asked Questions 16 through 19. Note that if the Court approves the Settlement despite your or any other objections and you have not submitted a claim form, you will not receive any relief from the Settlement.
When did the class action settlement start?
You are entitled to relief from the class action settlement if, during the period of January 1, 1995 , through July 31, 2016, you were a lessor on oil and gas leases with EQT, or its predecessors in title, covering lands in Kentucky, which obligate the lessee to pay royalties on gas produced from wells at a rate of one-eighth of the market price received at the wellhead and which leases do not authorize the deduction of the severance taxes and you have not accepted reimbursement for withheld severance taxes during the class period.
Can you opt out of a royalty settlement?
Note that you have a right to opt out of the Settlement only if your royalties were reduced by severance taxes and you have not objected to the Settlement.
When do you have to opt out of a 401(k) plan?
To opt-out or object you must submit your request on or before March 31, 2020.
When is the final approval hearing for the settlement of the syringe?
The Final Approval Hearing will take place on July 24, 2020 at 9:30 A.M. Eastern time (see Frequently Asked Question 17 ).
Can you sue someone on your own if the court approves a settlement?
By doing nothing, if the Court approves the Settlement you give up rights to separately bring a lawsuit on your own against the Defendant for the same claims in this lawsuit but will not be entitled to compensation unless you submit a valid Claim Form.
Where is the EQT lawsuit?
A class action lawsuit against EQT Production Company, that was originally filed in 2013 in Doddridge County, and moved on to U.S. District Court, may be coming to an end.
Can class members opt out of the EQT settlement?
Class members would also have the chance to opt out of the settlement, EQT officials said.
What is the EQT suing for?
EQT is also suing to gut a 1982 royalty law that was meant to boost royalty payments to gas owners.
What is the Kay Company vs EQT?
The class action lawsuit, Kay Company, LLC, et al. v. EQT Production Company, et al., was filed in 2013. More than 10,000 West Virginia gas owners who had entered into agreements with EQT joined the suit. They argued the company, which is the second largest gas producer in the state, improperly reduced royalties owed by taking unnecessary deductions.
Is EQT royalty fair?
EQT had argued royalty payments were fair and said deducting “post -production” costs was routine. Under the settlement agreement, the company said it will stop the practice "on leases determined by the court to not permit deductions," according to a press release by the company.
Did EQT reduce royalties?
They argued the company, which is the second largest gas producer in the state, improperly reduced royalties owed by taking unnecessary deductions. Participants said EQT should not have subtracted money from royalty payments for activities taken "post-production" including deducting the cost of transporting and processing gas.
Who settled the class action lawsuit against West Virginia gas?
Natural gas driller EQT Corporation has agreed to settle a class action lawsuit brought by thousands of West Virginia gas owners. In the preliminary settlement agreement approved today, the company said it will pay $53.5 million for failing to make proper gas royalty payments between 2009 and 2017.
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Welcome to the Hunt Memorial Hospital District Settlement Website
Update: Class Members can attend the Final Fairness Hearing via Zoom. Instructions to attend the Zoom hearing will be provided Friday morning at 10:00 am. Please check back at that time for the instructions.
If you were notified by Hunt Memorial Hospital District of the May 2018 Data Incident, you may be eligible for a payment from a class action settlement
Update: Class Members can attend the Final Fairness Hearing via Zoom. Instructions to attend the Zoom hearing will be provided Friday morning at 10:00 am. Please check back at that time for the instructions.
What is EQT Corporation?
EQT Corporation is a natural gas production company with emphasis in the Appalachian Basin and operations throughout Pennsylvania, West Virginia and Ohio. With 130 years of experience and a long-standing history of good corporate citizenship, EQT is the largest producer of natural gas in the United States. As a leader in the use of advanced horizontal drilling technology, EQT is committed to minimizing the impact of drilling-related activities and reducing its overall environmental footprint. Through safe and responsible operations, EQT is helping to meet our nation’s demand for clean-burning energy, while continuing to provide a rewarding workplace and support for activities that enrich the communities where its employees live and work. Visit EQT Corporation at www.EQT.com; and to learn more about EQT’s sustainability efforts, please visit https://csr.eqt.com .
Is EQT a class action lawsuit?
PITTSBURGH-- ( BUSINESS WIRE )--EQT Corporation (NYSE: EQT) today announced that it has reached a tentative settlement agreement with West Virginia landowners who are part of a statewide class action lawsuit. EQT believes that the proposed settlement agreement, which will resolve lease royalty claims in a case that has been pending since 2013, demonstrates the Company’s commitment to fostering good relationships with landowners.
