CVR Refining, LP Unitholder Litigation

UPDATE: On October 6, 2023, the Claims Administrator conducted the initial distribution of settlement funds to eligible claimants, as approved by the order of the Court.

The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Unitholder Class Action, Settlement Hearing, and Right to Appear (the “Notice”), which you can access here. Because this website is just a summary, you should review the Notice for additional details.

This website relates to a unitholder class action (the “Action”), pending in the Court of Chancery of the State of Delaware (the “Court”), arising out of the CVR Energy, Inc.’s acquisition of the limit partnership units of CVR Refining, LP via the call right exercise on January 29, 2019.

Lead Plaintiff Bharat H. Barai, MD and plaintiff Bharat H. Barai, MD & Panna B. Barai, MD TRS FBO Suniti Medical Corporation MPP & Trust UA 11/30/87 (collectively, “Plaintiffs”), on behalf of themselves and the other members of the Court-certified Class (defined below), and defendants CVR Refining, LP, CVR Refining GP, LLC, CVR Energy, Inc., Carl Icahn, and Icahn Enterprises, L.P. (collectively, “Defendants”) have reached a proposed settlement of the Action for $78,500,000 in cash (the “Settlement”). If approved by the Court, the Settlement will resolve all claims in the Action.

If you are a member of the Class, you are subject to the Settlement. The Class certified by the Court’s July 21, 2022 Class Certification Order consists of:

Any natural person or entity who held CVR Refining, LP limited partnership units on January 29, 2019 and whose units were purchased on that date by CVR Energy, Inc. (the “Class Units”), in their capacities as holders of Class Units, together with their heirs, assigns, transferees, and successors-in-interest, in each case in their capacity as holders of Class Units. Excluded from the Class are (i) Defendants and their immediate family members, affiliates, legal representatives (including Defendants’ officers and directors), heirs, estates, successors, or assigns; and (ii) any entity in which any Defendant has had a direct or indirect controlling interest.

PLEASE NOTE: The Class is a non-“opt-out” class pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2). Class Members do not have the right to exclude themselves from the Class.

Payments to eligible Class Members will be made only if the Court approves the Settlement and a plan of allocation for the distribution of the Settlement proceeds, and only after any appeals are resolved. Please be patient, as this process may take some time to complete.

Eligible Class Members do not need to submit a claim form in order to receive a distribution from the Settlement. If you are eligible to receive a distribution from the Settlement, your distribution will be paid to you directly.

Please be patient. If the Settlement is approved by the Court, it will take some time to conduct the Settlement distribution.

CLASS MEMBERS’ LEGAL RIGHTS IN THE SETTLEMENT:
RECEIVE A PAYMENT FROM THE SETTLEMENT. CLASS MEMBERS DO NOT NEED TO SUBMIT A CLAIM FORM.	If you are a member of the Class, you may be eligible to receive a pro rata distribution from the Settlement proceeds. Eligible Class Members do not need to submit a claim form in order to receive a distribution from the Settlement, if approved by the Court. If you are eligible for a distribution from the Settlement, it will be paid to you directly. See paragraphs 35-44 of the Notice for further discussion.
OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN DECEMBER 2, 2022.	If you are a member of the Class and would like to object to the proposed Settlement, the proposed Plan of Allocation, or Co-Lead Counsel’s application for an award of attorneys’ fees and expenses, including Lead Plaintiff’s application for an incentive award, you may write to the Court and explain the reasons for your objection.
ATTEND A HEARING ON DECEMBER 16, 2022, AT 11:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN DECEMBER 2, 2022.	Filing a written objection and notice of intention to appear that is received by December 2, 2022, allows you to speak in Court, at the discretion of the Court, about your objection. In the Court’s discretion, the December 16, 2022 hearing may be conducted by telephone or video conference (see paragraphs 51-52 of the Notice). If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.