Home Legal News Alberta court approves $7 million USD settlement in class action over deferred compensation for former Apache workers

Alberta court approves $7 million USD settlement in class action over deferred compensation for former Apache workers

by HR Law Canada

A settlement has been approved in a class action lawsuit against Apache Corporation and Paramount Resources Ltd., on behalf of a subset of former employees of Apache Canada Ltd.

The settlement of disputed claims provides a fund of $7 million USD, less approved legal fees, costs and expenses, to compensate Class Members for the cancellation of deferred compensation awards they held when Apache Canada was sold to Paramount Resources in August 2017.

The Court of King’s Bench of Alberta approved the settlement as being fair, reasonable, and in the best interests of the Class and in recognition of asserted defenses to the alleged claims, according to a press release issued by MNP. (MNP was acting in its capacity as the Notice and Claims Administrator of the Apache Class Action Settlement, and not in its personal or corporate capacity.)

Class Members are now able to submit a claim for compensation based on the number of unvested Restricted Stock Units and Performance Awards they held as of Aug. 18, 2017.

Claims will be assessed by an independent Administrator using a paper-based claims process. Class Members will be able to claim compensation without having to go to Court. There is an initial claims deadline of Feb. 27, 2024.

Only claims made by that date may be appealed in the event of any dispute with the initial assessment of the Administrator. There is an ultimate claims deadline of Sept. 27, 2024, after which no claims will be accepted.

The “Class” in this class action includes all employees of Apache Canada as of Aug. 18, 2017 who held unvested Restricted Stock Unites, Performance Awards or Options awarded to them under the terms of Apache Corporation’s Omnibus Compensation Plan, and who have not opted out of the class action.

For more information about making a claim, visit www.mnp.ca/apachesettlement or contact the Claims Administrator at 1-855-799-3460, or email [email protected].

The lawyers who are representing the Class Members are Koskie Minsky LLP. You may also contact Koskie Minsky LLP by email at [email protected]. You may also call the toll-free number at 1-833-630-1775.

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