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Settlement Reached in Range Resources Royalties Class Action

This is a settlement for the Consumer and Financial Fraud lawsuit.

Eerie, PA: A settlement in a class action brought against Texas-based Range Resources has been approved by a federal judge. The suit was brought by about 25,000 landowners in Pennsylvania over allegations that Range Resources miscalculated their royalty payments associated with the company's current drilling in the Marcellus shale region of the state.

Under the terms of the settlement, Range Resources, a gas drilling company, will pay the landowners roughly $1.3 million now and subsequently increase the royalty payment to a maximum of $16.6 million over the next five years, according to court documents.

The lawsuit was filed in 2008 by land owners in Venango County. The suit also alleged that Range Resources improperly withheld management fees from royalties and failed to account to landowners for money it had collected from selling oil and residual by products of gas processing.

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Published on Mar-22-11


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