Chesapeake CEO Settles Bonus Suit In $12M Deal

Law360, New York (November 2, 2011, 10:48 PM ET) -- Chesapeake Energy Corp. CEO Aubrey McClendon reportedly agreed Tuesday to return $12 million of his 2008 nine-figure pay package to settle a derivative suit accusing the company's executives of doling out large bonuses while stock prices plummeted.

Under the terms of the settlement filed in Oklahoma state court, McClendon agreed to buy back his personal art collection — which the company had bought in 2008 when McClendon found himself in financial straits — for the original purchase price of $12.1 million plus 2.28 percent interest, the...
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