What is the class action claim?
The Seventy Seven Energy Inc. Retirement & Savings Plan, beginning in 2014, took on and kept almost $100 million in Chesapeake Energy Corporation stock. Rather than diversify this large concentration of non-Seventy Seven Energy, Inc. stock into the S&P 500, Seventy Seven Energy, Inc. chose to keep these Plan assets in Chesapeake stock. Shares of Chesapeake Energy have lost virtually all value while the S&P 500 has risen to record levels. The fiduciaries responsible for managing the Seventy Seven Energy Inc. Retirement & Savings Plan should have taken steps to diversify its concentration of Chesapeake Energy stock into the S&P 500.
Who can join this class action?
Any current or former employees of Seventy Seven Energy, Inc. who also participated in the Seventy Seven Energy Inc. Retirement & Savings Plan anytime during the past 6 years.
Is there any cost to me?
No. All plaintiff attorneys are litigating this case on a contingency fee basis.
What if I signed a severance agreement with a release of claims?
Severance agreements generally cannot prevent you from being part of a class action or a being a class representative in this type of case. Please contact us if you have more questions on your specific severance agreement.
How can I help &/or participate?
1. We are interested in reviewing documents you can download from the Seventy Seven Energy Inc. Retirement & Savings Plan website:
- Summary Plan Description (SPD)
- Annual Fee Disclosure
- Statements – Please feel free to redact any personal data
Please email to firstname.lastname@example.org or fax to 646-546-5755.
- Refer other current or former employees who were or are participants in the Seventy Seven Energy Inc. Retirement & Savings Plan by sharing this page and or posting on social media (FB, LinkedIn).
- Join the case as a plaintiff Class Representative.
Please feel free to email email@example.com or call 646-546-5664 with any additional questions.