Investment bank successfully defends energy litigation arising out of $1 billion auction of Bakken interests

Client(s) Investment bank

Jones Day defended an investment bank in Colorado state court against claims arising out of the $1.05 billion sale of an exploration company's oil and gas interests in the Williston Basin. Plaintiffs, who had previously sold certain of their oil and gas assets to the exploration company, claimed the exploration company and other defendants defrauded, tortiously interfered, and breached fiduciary duties by failing to disclose their plans to auction the assets. Plaintiffs alleged that the investment bank conspired in and aided and abetted the tortious conduct and breaches of fiduciary duty. On behalf of all defendants, Jones Day successfully opposed Plaintiffs’ attempt to assert punitive damages under a Colorado statute. The case was ultimately resolved at no cost to our client on the eve of a three-week jury trial and just prior to the Court’s anticipated ruling on the investment bank’s motion for summary judgment.