Susman Godfrey Obtains $37.5 Million for Investors in Oil & Gas in Limited Partnerships
HOUSTON (March 23, 2015) — Susman Godfrey and our co-counsel Foley, Bezek, Behle & Curtis and Goode Wildman obtained final approval on Monday for a $37.5 million class action settlement in Jeffrey Schulein et al. v. Petroleum Development Corp. et al. The case was brought on behalf of a class of more than 7000 limited partners who invested in 12 oil and gas limited partnerships sponsored by PDC Energy, Inc.
The plaintiffs alleged they were not paid fair value for their limited partnership’s interests when they were cashed out of their investments as a result of a series of mergers. After nearly three years of hard fought litigation, the parties reached a settlement, which was preliminarily approved last December and granted final approval by the Court on Monday.
“We are very pleased with the settlement” said Susman Godfrey’s Marc Seltzer. “The settlement was reached on the eve of trial following intense litigation of many challenging legal and factual issues,” he said.
The plaintiffs are represented by Marc Seltzer, William Merrill, James Southwick, Davida Brook andKrysta Kauble Pachman of Susman Godfrey LLP, Tom Foley of Foley, Bezek, Behle & Curtis, LLP and John Stillman of Goode Wildman.
The case is Jeffrey Schulein et al. v. Petroleum Development Corp. et al., SACV 11-1891 AG (ANx) (C.D. Cal.)