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Posts on ‘July 13th, 2005’

Irish Times: Mayo gas pipeline controversy

Irish Times: Mayo gas pipeline controversy

“Five people are in prison because they refuse to allow a powerful multinational to put a gas pipeline through their land. They believe that a pipeline for crude natural gas with a design pressure of 345 Bar is an enormous danger to themselves and their families”

Wednesday 13 July 2005

A chara, – Five people are in prison because they refuse to allow a powerful multinational to put a gas pipeline through their land. They believe that a pipeline for crude natural gas with a design pressure of 345 Bar is an enormous danger to themselves and their families.

Shell and the Government tell us that a quantified risk assessment (QRA) and its subsequent review have shown that the risk is minimal.

QRAs are a useful tool in the right context. That context exists when substantial reliable historical data from similar projects are available. For instance it would be possible to provide reliable QRAs for a new ammonia production plant because so many virtually identical plants have been built and substantial historical data is available. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Reuters: Royal Dutch/Shell in refinery stake swap with Total

Reuters: Royal Dutch/Shell in refinery stake swap with Total

Posted Wednesday 13 July 2005

AMSTERDAM, July 12 (Reuters) – Royal Dutch/Shell on Tuesday announced a share swap with France’s Total involving stakes in an Italian and a French refinery.

Shell will exchange a 20 percent interest in its Rome refinery, Raffineria Di Roma, for Total’s 18 percent interest in Reichstett Refinery, Compagnie Rhenane de Raffinage.

The share swap is subject to approval of the relevant authorities and conditional upon the exercise of pre-emptive rights by other joint venture partners. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

THE NEW YORK TIMES: Shell Settles Employee Suit About Overstated Reserves

THE NEW YORK TIMES: Shell Settles Employee Suit About Overstated Reserves

“The $90 million settlement represents profit for less than two days for Royal Dutch/Shell, which had net income of $18.5 billion last year under international financial reporting standards.”

Wednesday 13 July 2005

By BLOOMBERG NEWS

Published: July 13, 2005

AMSTERDAM, July 12 (Bloomberg News) – The Royal Dutch/Shell Group said Tuesday that it had agreed to pay about $90 million to settle a lawsuit brought by its United States employees after company restatements of its oil and gas reserves by a total of 41 percent.

The accord brings to about $240 million costs related to the overstatements, which led to lawsuits, criminal investigations and the ouster of the then chief executive, Sir Philip B. Watts. Insurance will cover $25 million of the settlement, Shell said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Lloyds List: Shell pays $90m to settle law suit from employees whose savings fell

Lloyds List: Shell pays $90m to settle law suit from employees whose savings fell

“ROYAL Dutch Shell has agreed to pay more than $90m to settle a law suit issued by its own employees…”

Wednesday 13 July 2005

By Martyn Wingrove

ROYAL Dutch Shell has agreed to pay more than $90m to settle a law suit issued by its own employees who lost retirement savings value when the firm’s share price sank last year.

The Anglo-Dutch oil giant was hit with a class action law suit from employees when their savings plans lost value because Shell’s share price tumbled during the reserves scandal last year.

The world’s third largest oil company revealed it had exaggerated the volume of oil and gas resources booked as proven for years last year and slashed proved reserves by almost a third. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Financial Times: R Dutch/Shell pays $90m damages

Financial Times: R Dutch/Shell pays $90m damages

“Royal Dutch/Shell, the Anglo-Dutch energy group, yesterday agreed to pay $90m (£51m) damages to settle claims by US employees who say their savings plan was hurt by the company’s admission last year that it had overstated its oil reserves.”

Wednesday 13 July 2005

By Thomas Catan

Published: July 13 2005

Royal Dutch/Shell, the Anglo-Dutch energy group, yesterday agreed to pay $90m (£51m) damages to settle claims by US employees who say their savings plan was hurt by the company’s admission last year that it had overstated its oil reserves. If the court agrees, Shell will also pay $1m in legal expenses to the plaintiffs.

Beat Hess, Shell’s legal director, said: “Shell believes that this is a good settlement for plan participants and for the companies. We are hopeful that the court will approve the settlement, which represents an important step toward putting litigation relating to the reserves recategorisations behind us.” Thomas Catan read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Financial Post (Canada): Shell settles U.S. Lawsuit

Financial Post (Canada): Shell settles U.S. Lawsuit

“Energy sector: US$90M paid to employees over fake reserves: “Shell is also negotiating a settlement with current and former “directors and officers” of the company, whom Shell is suing, Shell spokeswoman Bianca Ruakere said. She did not say who was being sued.”

Wednesday 13 July 2005

Royal Dutch/Shell Group, Europe’s second-largest oil company, agreed to pay about US$90-million to settle a lawsuit brought by its U.S. employees after the company overstated its oil and gas reserves by 41%.

The accord brings to about US$240-million costs related to the overstatement, which led to lawsuits, criminal investigations and the ouster of chief executive Philip Watts. Insurance will cover US$25-million of the settlement, Shell said yesterday.

“Settling a class-action lawsuit is a big relief,” said Dirk Verbiesen, an F. Van Lanschot Bankiers analyst in Den Bosch, Netherlands, who has a “hold” rating on Royal Dutch Petroleum Co. shares. “Usually, you can see larger numbers than this in a class-action lawsuit. A settlement takes away some uncertainty.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Daily Telegraph: Shell pays $90m to settle staff suit

Daily Telegraph: Shell pays $90m to settle staff suit

“The class action was filed by current and former US employees who participated in certain savings plans.”

Wednesday 13 July 2005

By Philip Aldrick (Filed: 13/07/2005)

Shell, the oil and gas giant, yesterday agreed to pay $90m (£50m) to settle a lawsuit brought by employees last year following its reserves crisis.

The proposed settlement comes only two weeks after US federal prosecutors decided not to file a criminal charge against the Anglo-Dutch major after investigating the overstatements, citing its good co-operation.

Last year Shell admitted it had overstated its “proven” oil and gas reserves – a key indicator of future profits – by over 25pc, sparking a drop in the share price and a management shake-up. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Independent: Shell to pay £50m damages in US over reserves scandal

The Independent: Shell to pay £50m damages in US over reserves scandal

“Shell moved a step closer to putting last year’s reserves reporting scandal behind it by agreeing to pay $90m (£50m) in damages yesterday to a group of US employee shareholders who had brought a class action lawsuit against the oil giant.”: “But there are still a further two shareholder class action suits pending in the US, while the Dutch financial markets regulator, the ASM, and the pan-European stock exchange Euronext are continuing to investigate Shell.”: “In addition, Sir Philip’s personal role in the affair is still being investigated by the FSA.”

Wednesday 13 July 2005

By Michael Harrison, Business Editor

Published: 13 July 2005

Shell moved a step closer to putting last year’s reserves reporting scandal behind it by agreeing to pay $90m (£50m) in damages yesterday to a group of US employee shareholders who had brought a class action lawsuit against the oil giant.

The settlement follows last week’s news that the US Justice Department has decided not to take any criminal action against Shell over the affair, which resulted in it cutting its proven reserves by a quarter and firing three top executives, including the chairman Sir Philip Watts. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell pays $90m to settle class action

Times Online: Shell pays $90m to settle class action

“Shell still faces two other class action claims. One is a shareholder class action that has been consolidated in a New Jersey court. It is believed this claim asserts that share-based savings schemes suffered losses of more than £1 billion. Shell declined to comment on this case this morning. The other action is a derivative claim. Shell said that it was in settlement discussion over this claim but that it would be premature to comment any further.”

Wednesday July 13, 2005

By Miles Costello

Royal Dutch Shell, the oil giant, has agreed to pay more than $90 million to settle one of three class action legal cases levelled against it following its shock overstatement of the level of its proven oil and gas reserves last year.

The proposed settlement – which still has to be ratified by the American courts – comes after Shell found out earlier this month that it would not face criminal charges in connection with the overstatement scandal.

Shell’s revelation last January that it had been exaggerating the level of its oil reserves for years sent its stock tumbling and cost the jobs of several of its senior executives, including the chairman, Philip Watts. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BLOOMBERG: Shell Will Pay $90 Million to Settle U.S. Lawsuit

BLOOMBERG: Shell Will Pay $90 Million to Settle U.S. Lawsuit

“Royal Dutch/Shell Group, Europe’s second-largest oil company, agreed to pay about $90 million to settle a lawsuit brought by its U.S. employees after the company overstated its oil and gas reserves by 41 percent. The accord brings to about $240 million costs related to the overstatement, which led to lawsuits, criminal investigations and the ouster of Chief Executive Philip Watts (Update6)

Wednesday 13 July 2005

(Bloomberg) — Royal Dutch/Shell Group, Europe’s second-largest oil company, agreed to pay about $90 million to settle a lawsuit brought by its U.S. employees after the company overstated its oil and gas reserves by 41 percent.

The accord brings to about $240 million costs related to the overstatement, which led to lawsuits, criminal investigations and the ouster of Chief Executive Philip Watts. Insurance will cover $25 million of the settlement, Shell said in a statement today. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell to Settle Lawsuit in U.S. Over Pensions

THE WALL STREET JOURNAL: Shell to Settle Lawsuit in U.S. Over Pensions

“LONDON — Royal Dutch/Shell Group said it agreed to pay $90 million to settle a U.S. lawsuit brought by pension holders following the company’s oil-and-gas-reserves write-down scandal last year.”

Wednesday 13 July 2005

By BENOÎT FAUCON

DOW JONES NEWSWIRES

July 13, 2005 2:55 a.m.; Page B2

LONDON — Royal Dutch/Shell Group said it agreed to pay $90 million to settle a U.S. lawsuit brought by pension holders following the company’s oil-and-gas-reserves write-down scandal last year. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell pays almost a quarter of a billion dollars in fines and settlements arising from reserves scandal

ShellNews.net: Shell pays almost a quarter of a billion dollars in fines and settlements arising from reserves scandal, but more litigation is underway

“A court hearing is taking place today in the US District Court of New Jersey in respect of a billion dollar class action law suite against Shell by US institutional shareholders”

Wednesday 13 July 2005

Shell has already paid $150 million dollars in fines imposed by the US Securities & Exchange Commission and the UK Financial Services Authority. Shell has now agreed to settle a claim from its former and current US employees for $90 million dollars (subject to court approval) thereby arriving at a combined total of $240 million thus far. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Guardian (UK): Shell pays staff $90m in legal case

The Guardian (UK): Shell pays staff $90m in legal case

“British oil group Shell has settled a legal action by some of its US employees, who were furious about the overstatement of its oil and gas reserves, for $90m (pounds 51m).

Thursday 13 July 2005

British oil group Shell has settled a legal action by some of its US employees, who were furious about the overstatement of its oil and gas reserves, for $90m (pounds 51m).

The American staff had Shell shares in their pension funds. Other shareholders are suing the company and separate talks to settle that action are continuing. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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