5th Circ. Axes Part Of Chesapeake Win In $232M Property Row

Law360, Los Angeles (May 7, 2014, 11:36 PM EDT) -- The Fifth Circuit ruled Wednesday that a lower court lacked jurisdiction when it partially ruled in favor of Chesapeake Louisiana LP's claims that it overpaid in a $232 million deal for interests in Texas oil and gas properties, finding the parties were not diverse.

The appeals court decided a Texas federal judge had wrongly classified Texas citizen Harleton Oil & Gas Inc. — which owned 50 percent of the deep rights in the one of the properties and sought $6.8 million Chesapeake allegedly paid to other...
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