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.

The settlement administration was completed in July 2024. On August 4, 2023, the Motion for Class Distribution Order was filed. On August 4, 2023, the Court entered the Class Distribution Order. The first distribution of the net settlement fund took place in October 2023. The second distribution will occur in the first quarter of 2025. Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.