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.
This led to investigations by regulatory authorities in the US and Europe and class actions by shareholders unhappy that the company’s stock price fell.
‘We are hopeful that the court will approve the settlement, which represents an important step towards putting litigation relating to the reserves categorisation behind us,’ said Beat Hess, Shell’s legal director.
The reserves scandal had major ramifications for Shell, leading to the sacking of boss Sir Philip Watts and unification of the two management boards.
There are two more class actions pending that Shell needs to deal with before the oil major can get over the whole reserves recategorisation issue.
‘We are in discussion with those behind the shareholders derivative action and still pending is the shareholder class action,’ said a spokeswoman. Insurance will cover $25m of the settlement if it gains court approval. Shell will also pay over $1m in lawyers’ fees.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
