SandRidge Mississippian Trust I ("Trust I") is a statutory trust which holds royalty interests in specified oil and natural gas properties located in the Mississippian formation in Oklahoma.

According to the law firm press release, the lawsuit alleges that Defendants made false and/or misleading statements and failed to disclose that: (1) the underlying properties from which the royalty interests were conveyed to Trust I consisted of far more low-margin natural gas deposits and far fewer high-margin oil deposits, and (2) the reserves of oil in the underlying properties associated with Trust I were vastly overstated. When the true details entered the market, the lawsuit claims that investors suffered damages.

This action was administratively terminated on May 20, 2016, due to the bankruptcy filing of the issuer Defendant.

On October 27, 2016, this case was reopened and an amended Complaint was filed on November 11. On January 19, 2018, Defendants filed a Motion for Judgment. On January 18, 2019, the Court issued an Order granting the Motion for Partial Judgment, dismissing the claims against one of the Defendants. The Issuer Defendant filed a Motion for Judgment on March 13. On October 30, the Court granted in part and denied in part the Motion for Judgment and dismissed with prejudice the Section 20(a) claims against the Individual Defendants to the extent such claims are predicated on any Defendant being a control person of Trust I.

On November 16, 2021, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on May 27, 2022. On December 30, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On March 27, 2024, the Court issued an Order approving distribution of the Settlement fund.