Attys Escape Sanctions For Oilfield Services Merger Suit

By Bonnie Eslinger (February 27, 2018, 4:13 PM EST) -- An Oklahoma federal judge declined Monday to sanction Monteverde & Associates PC for filing a client's shareholder action over the $1.76 billion merger deal that Seventy Seven Energy Inc. inked, saying the oilfield services company did not show the litigation lacked merit.

U.S. District Judge Vicki Miles-LaGrange said in her short, two-page order that while Seventy Seven argued that the ultimately dropped lawsuit served no purpose other than for Monteverde to rack up attorneys' fees, she found otherwise.

"Having carefully reviewed the parties' submissions, the court finds sanctions are not warranted," the judge stated. "Specifically, the court finds defendants have not...

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