OK SB704

Amends Oklahoma class action procedures under 12 O.S. 2001, Section 2023 to require that petitions in class actions contain factual allegations sufficient to demonstrate a plausible claim for relief.

Limits class membership in actions filed after November 1, 2009 to Oklahoma residents or nonresidents who own property in the state relevant to the action or have a significant portion of their cause of action arising from conduct occurring within Oklahoma.

Establishes procedures for class action settlements and compromises filed after November 1, 2009, including requiring court approval after a hearing and finding that the settlement is fair, reasonable and adequate.

Requires evidentiary hearings for attorney fee determinations in class actions filed after November 1, 2009, with the court acting in a fiduciary capacity and considering specific factors including time and labor, difficulty, skill required, and results obtained.

Takes effect November 1, 2011.