Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, April 14, 2015

AEP investor settles Chesapeake lawsuit targeting ex-CEO, (NYSE: CHK)

Energy & Minerals Group, a major investor in new oil and gas ventures launched by former Chesapeake Energy Corp CEO Aubrey McClendon, said on Tuesday it has settled a lawsuit alleging the oil executive stole his former employer's trade secrets.Houston-based EMG, a private investment firm, had originally defended McClendon and called Chesapeake's claims "meritless."The settlement could raise questions about whether EMG, which has invested more than $3 billion in ventures formed by McClendon since 2013, may be separating itself from McClendon, a successful oil and gas executive who co-founded Chesapeake in 1989. He resigned from the company in 2013 following a corporate governance crisis.He then formed American Energy Partners (AEP), a new venture whose financial backers have included EMG.

Chesapeake Energy Corporation (Chesapeake) is a producer of natural gas and liquids. Shares of CHK traded higher by 3.419% or $0.505/share to $15.28. In the past year, the shares have traded as low as $13.38 and as high as $29.92. On average, 20276000 shares of CHK exchange hands on a given day and today's volume is recorded at 11933059.