Shale giant Chesapeake Energy and the estate of Aubrey McCendon have agreed to settle a multi-million-dollar legal dispute that arose in the aftermath the company's former chief executive death last year.
The Oklahoma City-based company alleged that McClendon, who co-founded Chesapeake, had stolen maps and data after he was ousted as chief executive in 2013 and used that material to found his follow-up venture, American Energy Partners. Chesapeake was seeking $445 million in damages.
Chesapeake agreed to drop the claims and pay $3.25 million in legal fees. In exchange McClendon's estate will drop its claims for any compensation still owed to the former boss under a severance agreement, including cash, stock and the use of a corporate jet, according to reports citing Oklahoma state court documents.
"We are pleased that the matter has been resolved to the satisfaction of all parties," Chesapeake spokesman Gordon Pennoyer said in a statement.
The agreement will go before a probate court for final approval on 8 March.
McClendon died in a car crash in Oklahoma City last March, a day after he had been indicted for conspiring to manipulate oil and gas lease prices. That charge was dropped after his death.
American Energy Partners dissolved last year following McClendon's death.
Several of the companies originally founded under the American Energy Partners umbrella were spun out as independent units still in operation, including Ascent Resources, White Star Petroleum and Permian Resources.
