TULSA, Oklahoma -- The U.S. District Court for the Northern District of Oklahoma has approved the settlement of the class action lawsuit filed against SemGroup Energy Partners, L.P.
The lawsuit was settled on May 3, 2011 pending final approval from a federal judge. Judge Gregory Frizzell approved the settlement with prejudice on October 5.
The company is now known as Blueknight Energy Partners L.P.
According to court documents, founder and former CEO Tom Kivisto and six other men connected to SemGroup agreed to pay part of the $28 million settlement, but none of the parties named in the suit admitted to any wrongdoing.
The suit was filed on behalf of anyone who bought or held stock in SemGroup Energy Partners from July 17, 2007 through July 17, 2008.
"Settlement of the Class Action Litigation is another step that furthers BKEP's restructuring. We are pleased to have this SemGroup legacy issue resolved and behind us," explained Mr. James C. Dyer, Chief Executive Officer of BKEP's general partner.