Anadarko $114.5 Million Securities Class Action Settlement, Who Qualifies, About $0.41 Per Share and the January 21, 2027 Claim Deadline

Anadarko Petroleum investors may be able to share in a $114.5 million cash settlement of a securities class action. The lawsuit alleges Anadarko and several former executives misled shareholders about the commercial viability of the Shenandoah deepwater oil project in the Gulf of Mexico. The class covers people and entities that bought or otherwise acquired Anadarko common stock between February 20, 2015 and May 2, 2017.

The case is In re Anadarko Petroleum Corporation Securities Litigation, Civil Action No. 4:20-cv-00576, in the U.S. District Court for the Southern District of Texas, Houston Division, before Judge Charles R. Eskridge III. The court granted preliminary approval on October 2, 2026. Final approval is still pending.

The court-approved notice estimates an average recovery of about $0.41 per allegedly damaged share before fees, expenses and taxes. That is an average, not a guaranteed payment. What you actually receive depends on when you bought and sold, what you held in July 2017, and how many valid claims come in. Anadarko and the individual defendants deny wrongdoing, and the court has not found that anyone committed securities fraud.

Claim deadline: January 21, 2027. Opt-out and objection deadline: December 24, 2026. Final approval hearing: January 14, 2027.

Quick Facts

Detail	Information
Company	Anadarko Petroleum Corporation (later acquired by Occidental Petroleum)
Settlement fund	$114,500,000 cash, non-reversionary
Case	In re Anadarko Petroleum Corporation Securities Litigation
Case number	4:20-cv-00576
Court and judge	S.D. Texas, Houston Division; Judge Charles R. Eskridge III
Class period	February 20, 2015 – May 2, 2017, inclusive
Covered security	Anadarko common stock
Main allegation	Misleading statements about the Shenandoah project
Lead plaintiffs	Norfolk County Council (Norfolk Pension Fund), Iron Workers Local #580 Joint Funds, Building Trades United Pension Trust Fund
Lead counsel	Robbins Geller Rudman & Dowd LLP
Estimated average recovery	About $0.41 per allegedly damaged share, before deductions
Fee request	Up to 30% (about $34.35 million)
Expense request	Up to $3.5 million
Lead plaintiff awards	Up to $57,500 combined
Minimum payment	$10
Claims administrator	Verita Global
Preliminary approval	October 2, 2026
Opt-out and objection deadline	December 24, 2026
Final approval hearing	January 14, 2027, 10:00 a.m.
Claim deadline	January 21, 2027
Official website	anadarkosecuritiessettlement.com

What Is the Anadarko Securities Lawsuit About?

The lead plaintiffs allege that Anadarko and four former executives (Robert G. Gwin, R.A. Walker, Robert P. Daniels and Ernest A. Leyendecker III) violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The claim is that they overstated Shenandoah’s viability and held back negative information while the stock traded at an allegedly inflated price. Naming someone as a defendant doesn’t prove they did anything wrong, and the defendants deny every allegation.

Shenandoah was a deepwater Gulf of Mexico asset that Anadarko spent years evaluating. The suit turns on whether the company’s public statements accurately described how the project was going.

What happened on May 2, 2017

After the market closed on May 2, 2017, Anadarko announced it was suspending appraisal activity at Shenandoah. The company reported about $435 million in expensed suspended exploratory well costs and about $467 million in impairment charges, roughly $902 million combined. The plaintiffs say this revealed problems that had been concealed. Anadarko shares fell almost 8% on May 3, 2017.

Why the price drop was contested

On April 17, 2017, a natural gas pipeline explosion in Firestone, Colorado involved a line connected to an Anadarko well, and news about it and its potential costs surfaced around the same time. The defendants argued that the stock drop reflected that news and not Shenandoah, so the plaintiffs couldn’t prove their losses were caused by the alleged misstatements. That fight over loss causation drove much of the litigation.

How the Case Got to $114.5 Million

Date	Development
February 19, 2020	Securities class action filed
May 13, 2020	Lead plaintiffs appointed; Robbins Geller approved as lead counsel
September 28, 2022	Class certification granted
June 30, 2023	Defendants’ reconsideration request denied
May 17, 2024	Fifth Circuit vacates the certification order
March 10, 2026	District court grants renewed class certification
June 1, 2026	Defendants file summary-judgment and expert motions
August 11–12, 2026	Second mediation
September 3, 2026	Parties accept a mediator’s proposal of $114.5 million
September 28, 2026	Settlement stipulation filed
October 2, 2026	Preliminary approval; notice authorized
January 14, 2027	Final approval hearing
January 21, 2027	Claim deadline

The Fifth Circuit ruling

In Georgia Firefighters’ Pension Fund v. Anadarko Petroleum Corp., 99 F.4th 770 (5th Cir. 2024), the Fifth Circuit vacated the first class certification over procedural problems with the plaintiffs’ expert rebuttal evidence and the defendants’ chance to respond. It didn’t decide that Anadarko had or hadn’t misled investors. The parties then put in more expert evidence and litigated certification again.

The March 2026 certification decision

On March 10, 2026, Judge Eskridge granted renewed class certification. After weighing competing expert opinions, he concluded the evidence supported the plaintiffs’ position that the roughly 8% decline wasn’t solely attributable to the pipeline incident and related regulatory costs. That ruling let the case proceed as a class action. It is not a finding of fraud.

Why the parties settled

Former federal judge Layn R. Phillips mediated. For the investors, settling avoids the risk of losing at summary judgment, trial or on appeal. For the defendants, it ends years of expensive litigation with no admission of fault. Part of the fund comes from Anadarko/Occidental and the rest from insurance.

Who Qualifies?

The class is all persons and entities that purchased or otherwise acquired Anadarko common stock between February 20, 2015 and May 2, 2017, inclusive, and were allegedly harmed by the conduct at issue. Individual and institutional investors can both take part.

Excluded: the defendants and their immediate family members, their legal representatives, heirs, successors and assigns, Anadarko officers and directors during the class period, Anadarko subsidiaries, affiliates and entities the defendants control, the assigned judge, and anyone who timely and properly opts out. The official Notice has the full list.

Occidental shares

Occidental Petroleum acquired Anadarko in August 2019, but owning Occidental stock doesn’t qualify you. The settlement covers Anadarko common stock acquired during the 2015–2017 class period.

If you sold your shares

The class definition and the payout formula are different tests. You can fall inside the class and still have a recognized loss of zero. Shares bought in the class period and sold on or before May 2, 2017 carry no recognized loss, because the plan is built around shares bought at allegedly inflated prices and held through the May 2017 disclosure. If you traded in and out many times, report all of your trades and let the administrator run the formula.

How Much Can You Receive?

The fund is $114.5 million in cash plus interest. The notice estimates an average of about $0.41 per allegedly damaged share before deductions, and about $0.14 per share of that would go to fees and expenses if the full requests are approved. The Net Settlement Fund is whatever is left after court-approved fees, expenses, awards, taxes and administration costs, and it is shared among valid claimants in proportion to their recognized losses.

Request	Maximum
Attorneys’ fees	30% of $114.5 million, about $34.35 million
Litigation expenses	Up to $3.5 million
Interest on fees and expenses	As provided in the settlement
Lead plaintiffs’ time and costs	Up to $57,500 combined

All of these are requests, not approved amounts.

Why $0.41 isn’t a promise

Your payment depends on the number of shares in your qualifying transactions, your purchase dates and prices, your sale dates and prices, whether you held through the corrective disclosure, your recognized claim under the Plan of Allocation, the total of all valid claims and the net fund after deductions. Larger recognized losses get larger shares, and no flat per-share amount is guaranteed.

The $10 minimum

If your prorated distribution works out to less than $10, you won’t be paid.

How Your Payment Is Calculated: The Plan of Allocation

The plan uses estimated artificial inflation in Anadarko’s stock price on the day you bought:

Purchase date	Estimated inflation per share
February 20, 2015	$0.00
February 21, 2015 – July 26, 2016	$1.75
July 27, 2016 – May 2, 2017	$1.92

These figures are inputs to the formula, not payments.

Sold during the class period. Shares sold between February 20, 2015 and May 2, 2017 have a recognized loss of $0 per share.

Sold May 3 to July 31, 2017. The recognized loss is the lowest of (a) the inflation amount on the purchase date, (b) purchase price minus sale price, and (c) purchase price minus the average closing price through the sale date.

Held on July 31, 2017. The recognized loss is the lower of (a) the inflation amount on the purchase date and (b) purchase price minus $47.88, the average closing price over the 90-day lookback period after the May 2017 disclosure.

Overall gain or loss. If your qualifying Anadarko trades produced an overall market gain, your recognized claim is zero. If your overall market loss is smaller than your calculated claim, the claim is capped at your market loss. Purchases and sales are matched first-in, first-out (FIFO), which is why complete trade records matter.

What the Claim Form Asks For

The class period ends May 2, 2017, but the Proof of Claim asks for every Anadarko transaction from February 20, 2015 through July 31, 2017, because the post-disclosure and lookback calculations need them. It also asks for your holdings at the close of trading on February 19, 2015, May 2, 2017 and July 31, 2017. Reporting trades after May 2, 2017 doesn’t make those purchases eligible.

The form asks for brokerage confirmations or other proof of your transactions: account statements, purchase and sale confirmations, transaction histories, records of shares received in mergers or other transactions, and documentation of your opening and ending balances. Missing support can delay verification or get a claim rejected. If your old records are gone, ask your broker for historical statements. Don’t send originals or stock certificates.

How to File a Claim

You need a signed Proof of Claim and Release. Deadline: January 21, 2027 (online, or postmarked by that date).

File online

Use the Verita claim portal at veritaconnect.com/AnadarkoSecuritiesSettlement. Have your contact details, brokerage account information, purchase dates, share counts and prices, sale dates and proceeds, your starting and ending holdings and your brokerage documents ready, and enter transactions in chronological order.

File by mail

Download the Proof of Claim and Release (PDF), complete and sign it, attach copies of your supporting documents and mail it to:

Anadarko Securities Settlement Claims Administrator c/o Verita Global P.O. Box 301135 Los Angeles, CA 90030-1135

High-volume and institutional filers

Claimants with many transactions may need to submit them electronically in Verita’s file layout. Write to [email protected] for it. The electronic file doesn’t replace the signed paper Proof of Claim.

Estates and representatives

Executors, administrators, trustees and other authorized representatives can file for an investor or estate if they provide proof of their authority. The claim should be for the actual beneficial owner or the owner’s estate, and the administrator may ask for taxpayer identification documents.

Deadlines and Your Options

Action	Deadline
Request exclusion	December 24, 2026
Object to the settlement	December 24, 2026
Final approval hearing	January 14, 2027, 10:00 a.m.
File a claim	January 21, 2027

File a claim. This is the only way to share in the Net Settlement Fund.

Opt out. Send a written request by first-class mail, postmarked or received by December 24, 2026, to Anadarko Securities Settlement, Claims Administrator, c/o Verita Global, EXCLUSIONS, P.O. Box 5100, Larkspur, CA 94977-5100. Include your name, address, email, phone, signature, your Anadarko purchase and sale information and a clear statement that you want to be excluded. You get no money and aren’t bound by the release.

Object. You stay in the class and tell the court what you oppose, such as the settlement amount, the Plan of Allocation, the fee or expense requests or the lead plaintiff awards. Your objection must be received by the court and served on lead counsel and defense counsel by December 24, 2026, and should include your transaction information and your reasons. Send it to the Clerk of the Court, U.S. District Court for the Southern District of Texas, Bob Casey United States Courthouse, 515 Rusk Street, Houston, TX 77002. Objecting and opting out are different choices.

Do nothing. You get no payment, and if the court approves the settlement you are generally bound by the judgment and release and lose the right to sue the defendants over the settled claims.

A warning about opting out

People usually opt out to keep a separate lawsuit alive. Federal securities fraud claims have strict time limits under 28 U.S.C. § 1658(b): two years after discovery and five years after the violation. In CalPERS v. ANZ Securities, Inc., 582 U.S. 497 (2017), the Supreme Court held that class action tolling doesn’t extend that five-year outer limit. With a class period that ended in 2017, an individual claim filed now may well be time-barred. Anyone with a pending individual case should talk to their own attorney before the deadline.

When Will Payments Go Out?

There’s no confirmed date. The final approval hearing is January 14, 2027, at 10:00 a.m. at the Bob Casey United States Courthouse, 515 Rusk Street, Houston, TX 77002. The judge will decide whether the settlement and Plan of Allocation are fair, reasonable and adequate and will rule on fees, expenses and awards. If approved, the administrator still has to review claims, calculate losses and distribute the fund, and any appeal adds more time. You don’t have to attend.

Did Anadarko Admit Securities Fraud?

No. The defendants deny wrongdoing and liability, and the settlement is a compromise. The March 2026 certification ruling let the case continue as a class action but decided nothing about fraud. The October 2 order approved notice and the claims process, not the settlement itself.

The Securities Laws Behind the Case

These are the plaintiffs’ allegations, not findings.

Section 10(b) and Rule 10b-5. Section 10(b) of the Exchange Act, 15 U.S.C. § 78j(b), and SEC Rule 10b-5, 17 C.F.R. § 240.10b-5, bar fraud and material misstatements or omissions in connection with buying or selling securities. A private plaintiff generally has to prove a material misstatement or omission, scienter (a fraudulent state of mind), reliance, economic loss and loss causation.

Section 20(a). 15 U.S.C. § 78t(a) can make a person who controls a violator liable too. It doesn’t make an executive automatically liable just because of the job title.

The Private Securities Litigation Reform Act (PSLRA). 15 U.S.C. § 78u-4 sets the rules for these suits: lead plaintiff selection (§ 78u-4(a)(3)), strict pleading of scienter (§ 78u-4(b)(2)), the 90-day lookback that caps damages at the difference between the purchase price and the mean trading price after the corrective disclosure (§ 78u-4(e)), which is where the $47.88 figure comes from, and a limit on fees and expenses to a reasonable percentage of the amount actually paid to the class (§ 78u-4(a)(6)).

Key Supreme Court cases. Basic Inc. v. Levinson, 485 U.S. 224 (1988) allows investors to rely on the market price reflecting public information (the fraud-on-the-market presumption). Halliburton Co. v. Erica P. John Fund, Inc., 573 U.S. 258 (2014) lets defendants rebut that presumption by showing the statements didn’t affect the stock price, which is the kind of dispute the Anadarko certification fight was about. Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005) requires proof that the misstatement caused the loss. Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 308 (2007) set the standard for pleading scienter.

Class action procedure. Federal Rule of Civil Procedure 23(e) requires court approval of a class settlement, with notice, a hearing and a finding that it is fair, reasonable and adequate. Rule 23(e)(5) gives class members the right to object. Under the Class Action Fairness Act, 28 U.S.C. § 1715, defendants must notify federal and state officials of a proposed class settlement.

Do Settlement Payments Count as Taxable Income?

Possibly. For investors, settlement proceeds can interact with the cost basis and gain or loss on the Anadarko shares, and the answer depends on your own situation and entity type. This article isn’t tax advice, so ask a qualified tax professional.

Frequently Asked Questions About the Anadarko Securities Settlement

Is the Anadarko $114.5 million settlement real?

Yes. It is a court-supervised settlement in In re Anadarko Petroleum Corporation Securities Litigation, No. 4:20-cv-00576, in the Southern District of Texas. The court granted preliminary approval on October 2, 2026, and final approval is still pending.

Who qualifies for the Anadarko securities settlement?

People and entities that purchased or otherwise acquired Anadarko common stock between February 20, 2015 and May 2, 2017 and were allegedly harmed, unless they are in an excluded group.

How much will Anadarko investors receive?

The notice estimates an average of about $0.41 per allegedly damaged share before deductions. Actual payments are prorated by each claimant’s recognized loss.

Is the $0.41 per share payment guaranteed?

No. It is an average estimate. Your payment depends on your trades, your recognized loss under the Plan of Allocation and the total valid claims against the net fund.

What is the Anadarko settlement claim deadline?

January 21, 2027, online or postmarked by that date.

Do I need a claim form for the Anadarko settlement?

Yes. You must submit a signed Proof of Claim and Release with the supporting brokerage records the form requires.

Can I qualify if I sold my Anadarko stock before May 2, 2017?

You may be inside the class, but shares bought in the class period and sold on or before May 2, 2017 have a recognized loss of zero. Other purchases and holdings are looked at separately.

What if I bought Anadarko shares on February 20, 2015?

The plan assigns $0.00 of inflation to purchases on that date. Purchases from February 21, 2015 on carry the inflation amounts in the allocation table.

Do Occidental Petroleum shareholders qualify for the Anadarko settlement?

Not just because they hold Occidental shares. The settlement covers Anadarko common stock acquired during the class period.

What brokerage documents does the Anadarko claim form require?

Broker confirmations, account statements or other records showing purchases, acquisitions, sales and balances from February 20, 2015 through July 31, 2017.

What is the minimum Anadarko settlement payment?

$10. If your prorated share is under that, no payment is made.

When are the Anadarko opt-out and objection deadlines?

Both are December 24, 2026.

When will Anadarko settlement payments be sent?

There’s no confirmed date. The final approval hearing is January 14, 2027 at 10:00 a.m., and payments follow final approval, claims processing and the resolution of any appeals.

Did Anadarko admit wrongdoing?

No. Anadarko and the individual defendants deny the allegations and any liability.

The Bottom Line

If you bought Anadarko common stock between February 20, 2015 and May 2, 2017 and held it past the May 2017 Shenandoah announcement, you may have a recognized loss worth claiming. The $0.41 figure is only an average, and the Plan of Allocation can reduce a claim to zero. File a complete Proof of Claim with your brokerage records by January 21, 2027. If you want to opt out or object, the date is December 24, 2026. The court takes up final approval on January 14, 2027, and nothing is paid until after that.

Official Documents, Court Records and Sources

Settlement website and claim process

1. Official settlement website
2. Online claim portal (Verita Global)
3. Proof of Claim and Release (PDF)
4. Notice of Pendency and Proposed Settlement (PDF)
5. Stipulation of Settlement (PDF)
6. Court documents
7. Contact information

Court decisions

8. In re Anadarko Petroleum Corporation Securities Litigation, No. 4:20-cv-00576 (S.D. Tex.)
9. March 10, 2026 order granting class certification
10. October 2, 2026 order preliminarily approving the settlement
11. Georgia Firefighters’ Pension Fund v. Anadarko Petroleum Corp., 99 F.4th 770 (5th Cir. 2024)

Law

12. 15 U.S.C. §§ 78j(b), 78t(a) and 78u-4; 17 C.F.R. § 240.10b-5; 28 U.S.C. §§ 1658(b) and 1715
13. Fed. R. Civ. P. 23
14. Basic Inc. v. Levinson, 485 U.S. 224 (1988); Halliburton Co. v. Erica P. John Fund, 573 U.S. 258 (2014); Dura Pharmaceuticals v. Broudo, 544 U.S. 336 (2005); Tellabs v. Makor, 551 U.S. 308 (2007); CalPERS v. ANZ Securities, 582 U.S. 497 (2017)

Contacts: Verita Global, 1-888-808-2809 (verify on the official site). Lead counsel questions: [email protected].

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About the author: Researched and written by Israr Ahmad using the official settlement documents, federal court decisions, the claims administrator’s instructions and the securities laws cited above.

Disclaimer: AllAboutLawyer.com is an independent legal information website. It is not a law firm and does not provide legal, tax or investment advice, and nothing here creates an attorney-client relationship. The defendants deny wrongdoing and liability, and the allegations haven’t been proven. The settlement is subject to final court approval, and eligibility and recovery depend on the approved terms and the administrator’s review. Statutes and deadlines can change, so confirm them on the official website or with a licensed attorney before you rely on this article.