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Daily Star: Shell’s £270m law bill

ROYAL Dutch Shell has set aside £269 million in an attempt to settle a massive lawsuit in America.

The class action relates to the reserves scandal that rocked the company two years ago.
A settlement would finally draw a line under the debacle, when the company admitted 3.9 billion barrels of oil had been overbooked.

It would leave all the major legal actions resolved in the United States and only one – a separate European lawsuit – still outstanding.

Profits

Chief executive Jeroen van der Veer said Shell still doesn’t admit liability for overbooking the reserves, and legal talks will have to continue.

He was speaking after the company unveiled a 23% rise in profits to a record £6.7bn for the half year to June, due to high oil prices.

But there are still concerns over production, which fell 8% to 3.3m barrels of oil a day due to Nigerian unrest. Production is unlikely to recover this year.

Shell also announced plans to invest up to £10bn to turn gas into motor fuel in Qatar.

Van der Veer refused to comment on speculation that BP made a speculative approach to merge the two giants.

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