Devon Energy Corporatio

August 28 2007

Chicago, IL: (Aug-27-07) A class action lawsuit was brought against Devon Energy Corporation on behalf of natural gas royalty owners in the state of Montana. The suit was filed against Devon Energy and several of its subsidiaries, alleging that Devon illegally deducted hidden fees from the amounts that it payed royalty owners for the production of natural gas.

As part of a settlement agreement reached, Devon agreed to pay $5,000,000 to the class and promised to stop deducting hidden charges from the class members' royalty checks. Plaintiffs estimate that the deductions are valued at $10 going forward. Devon denies that it acted unlawfully, but agreed to settle to avoid the risks and costs associated with protracted litigation. [DBUSINESS NEWS: GAS ROYALTY]


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