Reuters: Shell to pay $9.2 million to settle shareholder suits
“Shell… has been battling lawsuits and criminal and regulatory probes since it announced in January 2004 that it had overstated its oil and gas reserves by around 20 percent.”
Thu Sep 1, 2005 8:26 AM BST
LONDON (Reuters) – Royal Dutch Shell said it will pay $9.2 million (5.1 million pounds) and adopt certain corporate governance principles to settle shareholder lawsuits related to a reserves-overbooking scandal last year.
The actions, pending in United States Federal courts in New York and New Jersey and in a New York State court, sought to assert claims against certain current and former directors at the world’s third-largest listed oil firm by market value.