Beautiful Fall weather in store for Thanksgiving!

Chesapeake Energy, estate of former CEO Aubrey McClendon reach multimillion dollar settlement

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

OKLAHOMA CITY – A multimillion dollar dispute involving a former Oklahoma energy company CEO has come to an end.

In February of 2015, Chesapeake Energy filed a lawsuit against its former chief executive Aubrey McClendon’s company American Energy Partners.

Aubrey McClendon

Aubrey McClendon

In the civil complaint, Chesapeake alleged that McClendon printed maps and data about unleased acreage before he left the company in 2013.

“In all, McClendon BCC’d himself on dozens of emails containing trade secret information between the time his retirement was announced on January 29 and his separation from Chesapeake on April 1,” the lawsuit claims. “During this same period of time, while McClendon was serving as director and CEO of Chesapeake and while he was secretly stealing Chesapeake’s trade secrets, McClendon was also forming his own new companies, and soliciting investors for them, to compete with Chesapeake.”

At the time, McClendon called the accusations ‘baseless,’ saying Chesapeake gave him the information “for his own purposes, including sharing it with his employees, contractors, advisors, consultants and affiliated entities.”

A little more than a year later, McClendon was killed in a car accident in Oklahoma City.

McClendonfatalax1

Now, it seems that an agreement between Chesapeake and McClendon’s estate has been reached.

NewsOk reports that Chesapeake agreed to pay $3.25 million in legal fees and dropped the claims for $445 million related to the data that McClendon took from the company.

In exchange, McClendon’s estate agreed to drop claims on remaining compensation.