Published
October 1, 2026
Investors who bought or acquired Anadarko Petroleum common stock between February 20, 2015 and May 2, 2017 may qualify for a share of a proposed $114.5 million Anadarko securities class action settlement. The deal is awaiting preliminary approval, and no claim form or deadline has been set.
Current Status
Claims are not open yet. Lead plaintiffs filed an unopposed motion for preliminary approval of the $114.5 million settlement on September 28, 2026, and no order on that motion had been located as of October 1, 2026. No claim deadline, opt-out deadline or final approval hearing date has been set. Nothing needs to be done until the court-approved notice goes out.Free settlement alerts
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Status
Pending Preliminary Approval
Claim Deadline
Not Yet Set
90 days after notice begins, under the proposed schedule
Estimated Payout
~$0.41 per share
average estimate · before fees and costs
Proof Required
Yes
brokerage records of Anadarko trades
What Changed Recently?
After more than six years of litigation, the parties accepted a mediator's proposal on September 3, 2026, and told the court on September 22 that they had agreed to settle. The written stipulation followed on September 28, together with the motion asking Judge Charles R. Eskridge III of the U.S. District Court for the Southern District of Texas to approve notice to the class.Anadarko, now a subsidiary of Occidental Petroleum, paid its $48,272,853 share into escrow on September 18, 2026. The remaining $66,227,147 is to come from insurance policies covering the defendants within ten business days after preliminary approval.
The suit alleges that Anadarko and several of its former executives overstated the prospects of the Shenandoah deepwater oil field in the Gulf of Mexico. Anadarko recorded a $467 million impairment and expensed $435 million in suspended well costs tied to the project on May 2, 2017, and the stock fell about 8% the next day. The defendants deny all of the claims, and the settlement is not an admission of wrongdoing.
Who Qualifies?
The court certified this class on March 10, 2026, and the settlement covers the same group: all persons and entities that purchased or acquired Anadarko Petroleum Corporation common stock between February 20, 2015 and May 2, 2017, inclusive, and were damaged by it. Anadarko traded on the New York Stock Exchange under the ticker APC until Occidental bought the company in August 2019.The defendants, their immediate families, Anadarko's officers and directors during the class period and their affiliates are excluded. The settlement covers common stock only, and owning Occidental shares today does not make anyone a class member.
How Much Can You Get?
The proposed notice estimates an average recovery of about $0.41 per eligible share before attorneys' fees and expenses. That is an average across the whole class, not a promise: each payment depends on when shares were bought and sold, and on how many valid claims are filed. The fund is not claims-made and none of it returns to Anadarko.Under the proposed plan of allocation, a recognized loss arises only on shares that were still held at the close of trading on May 2, 2017, when the write-down was announced. Shares bought and sold before that date generally calculate to zero. Lead counsel plans to ask for attorneys' fees of up to 30% of the fund plus up to $3.5 million in expenses, about $0.14 per share combined if the full amounts are awarded. Claimants whose share would come to less than $10 are not paid.
The motion says the $114.5 million represents roughly 22% of the class's reasonably recoverable damages, as estimated by the plaintiffs' expert.
What Proof Is Required?
Proof Required: Yes. The proposed claim form asks each claimant to list Anadarko common stock purchases, acquisitions and sales and to attach supporting documentation, such as broker confirmations or account statements. Institutions and brokers that hold shares for clients will also be asked to forward the notice or send the administrator their clients' names.What Is the Deadline?
No deadline has been set. Under the proposed order, the claims administrator would mail and email notice within 21 days after preliminary approval, claims would be due 90 days after notice begins, and requests for exclusion and objections would be due 21 days before the final approval hearing. The hearing would be at least 100 days after the preliminary approval order. The actual dates come from the court's order.How Do You Take Action?
There is nothing to file yet. The settlement papers name Verita Global as the proposed claims administrator and AnadarkoSecuritiesSettlement.com as the settlement website where the notice, claim form and court documents are to be posted once the court approves notice. Anyone who bought Anadarko shares in the class period can gather brokerage statements covering February 2015 through May 2017 and the 90 days after it now.What Happens Next?
The next step is the court's ruling on preliminary approval. If it is granted, the order will set the notice date, the claim deadline, the exclusion and objection deadlines, and the date of the final approval hearing. Payments would follow only after final approval and after the administrator processes claims. No payment date has been announced.The case has taken a long road. It was filed in February 2020, survived a motion to dismiss in January 2021, and won class certification in September 2022. The U.S. Court of Appeals for the Fifth Circuit vacated that certification on April 25, 2024, and the district court certified the class again on March 10, 2026.
Sources and Verification
- Unopposed motion for preliminary approval (ECF 367, filed September 28, 2026)
- Stipulation of settlement with proposed notice and claim form (ECF 367-2)
- Proposed preliminary approval order (ECF 367-3)
- Class certification order (ECF 302, March 10, 2026)
- Fifth Circuit opinion vacating the first class certification (April 25, 2024)
- Case docket on CourtListener
Questions
Can I file an Anadarko settlement claim now?
No. The claim form opens only after the court grants preliminary approval and the claims administrator begins sending notice. Under the proposed schedule, notice goes out within 21 days of that order and claims are due 90 days after notice begins.
I sold my Anadarko shares before May 2, 2017. Will I get anything?
Probably not. Under the proposed plan of allocation, a recognized loss is calculated only on shares still held through the close of trading on May 2, 2017, when Anadarko disclosed the Shenandoah write-down. Shares bought and sold before that date generally calculate to zero.
Does owning Occidental Petroleum stock make me part of the Anadarko settlement?
No. The class covers people and entities that bought or acquired Anadarko common stock between February 20, 2015 and May 2, 2017. Occidental acquired Anadarko in August 2019, and holding Occidental shares does not by itself put anyone in the class.
Did Anadarko admit wrongdoing?
No. The settlement stipulation says the defendants deny all of the claims and any wrongful conduct, and that the settlement is not an admission of liability. The court never ruled on whether the challenged statements were false.
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Settlement Amount
$114,500,000
Case Title
In re Anadarko Petroleum Corporation Securities Litigation
Case Number
4:20-cv-00576
Court
U.S. District Court, Southern District of Texas (Houston)
Final Approval Hearing
Not yet scheduled
Set by the preliminary approval order
Administrator
Verita Global (proposed)
