Daily Express: Shell pays £52m to help settle reserves actions
Posted Tuesday 19 July 2005
By Andrew Johnson
Published 13 July 2005
SHELL is close to settling one of the three major class actions it was facing in the US in the wake of last year’s reserves scandal.
The Anglo-Dutch oil giant has agreed to pay, subject to court approval, $90 million (£52 million) to a clutch of pension funds run for its US staff.
It is the latest move by the group to draw a line under the affair which saw nearly 6 billion barrels wiped from its reserves which had been artificially inflated.