Reynolds Frizzell LLP attorneys Chris Reynolds, Brandon Allen, and Harris Wells prevailed on a Rule 91a motion to dismiss filed on behalf of Chord Energy Corporation and Oasis Petroleum North America.
The Chord Parties retained Reynolds Frizzell to defend against a $30 million lawsuit filed by Absolute + Oil Gas, LLC, that alleged the Chord Parties and other defendants had committed fraud, breach of fiduciary duties, breach of contract, and several other torts. The Chord Parties vigorously dispute the factual bases of Absolute’s claims. Recognizing the claims were also legally deficient in multiple ways, the Chord Parties moved for early dismissal of the fraud, fiduciary duty, gross negligence, and conspiracy claims. Reynolds Frizzell successfully argued that certain tort claims Absolute asserted had no basis in law, partly because the economic loss doctrine barred them.
During the hearing on the Chord Parties’ motion, the Court ruled from the bench to fully grant the Chord Parties’ motion. In doing so, the Court dismissed Absolute’s fraud, breach of fiduciary duty, participation in breach of fiduciary duty, gross negligence, and conspiracy claims against the Chord Parties because those claims had no basis in law.
Congratulations to our clients and the Reynolds Frizzell team behind this significant win.