Posts on ‘April 11th, 2007’

April 11, 2007, 2:33PM EST By TOBY STERLING AMSTERDAM, Netherlands Royal Dutch Shell PLC said Wednesday it has offered to settle damage claims stemming from the company’s 2004 oil reserves scandal with investors outside the United States for $352.6 million (euro263.8 million) and hopes to settle with U.S. shareholders for an additional $80 million (euro60 [...]

April 12, 2007 Steve Hawkes and Michael Herman An American law firm will make �24 million in fees after securing an historic $450 million (�228 million) compensation payout for thousands of Shell shareholders following the oil group�s reserves scandal in 2004. An insider at the Anglo-Dutch group told The Times yesterday that it was paying [...]

April 11, 2007 Steve Hawkes You can be sure of Shell. Just as investors prepare to attack Lord Browne of Madingley, the BP chief executive, over his pay packet, Shell reminds everyone of the reserves scandal that means it will be struggling in BP�s wake for years to come. The fiasco wiped billions of barrels [...]

By MARY JACOBY April 11, 2007 2:34 p.m. BRUSSELS — In a legal milestone, American trial lawyers have reaped their first big payday in Europe: $47 million in fees from settling a securities-fraud case with Royal Dutch Shell PLC. Europe’s largest oil company by market capitalization said Wednesday it would pay $352.6 million to settle [...]

US law firm Grant & Eisenhofer (G&E) scored an advisory role on the first-ever pan-European class settlement of securities fraud claims. G&E, representing a European investment group of more than 50 investors, including some from the UK, agreed to resolve claims against Royal Dutch Shell over the company allegedly having reported an “overstatement” of its [...]

Graeme Wearden Wednesday April 11, 2007 � Royal Dutch Shell has agreed to pay $352.6m (�178m) to settle legal action brought by shareholders after it admitted overstating its oil and gas reserves. The proposed settlement has been accepted by several institutional investors based outside the US and a group that represents individual shareholders, it said. [...]

Wed Apr 11, 2007 11:52 AM BST By Mark Potter LONDON (Reuters) – Royal Dutch Shell agreed to pay $352.6 million to non-U.S. investors on Wednesday as it seeks to put behind it the reserves overbooking scandal that rocked the oil giant in 2004. The second-largest Western oil company by market value also said it [...]

James Ashton, 11 April 2007 Russia’s bully-boy business tactics risk becoming as familiar an export as vodka and furs as the former Soviet state looks to become a player on the world stage.� Even those at the icy heart of the Kremlin acknowledge its companies have to reform, or at the very least brush up [...]

Gunther reports By Marc Gunther, Fortune senior writer April 11 2007: 6:17 AM EDT NEW YORK (Fortune) — Here’s yet another sign that the debate over climate change has shifted decisively: ConocoPhillips today becomes the first U.S.-based oil company to support mandatory national regulation of greenhouse gas emissions. In so doing, ConocoPhillips breaks ranks with [...]

By REUTERS Published: April 11, 2007 Filed at 4:09 a.m. ET LONDON (Reuters) – Oil giant Royal Dutch Shell (RDSa.L) has agreed to pay $352.6 million to settle claims from European and other non-U.S. investors related to a reserves overbooking scandal, the Anglo-Dutch firm said on Wednesday. Shell shocked investors in 2004 by slashing its [...]

Shareholders in the UK and Europe are to benefit as Shell draws another line under the 2004 reserves scandal April 11, 2007 Steve Hawkes Royal Dutch Shell is paying thousands of shareholders a total of $352.6 million (�180 million) in compensation for the reserves scandal that sparked the worst crisis in the oil giant�s century-long [...]

By Neil Dennis Published: April 11 2007 09:17 | Last updated: April 11 2007 09:17 European equity markets were a little higher on Wednesday, with oil companies picking up from recent weakness after Royal Dutch Shell settled claims from investors over its reserves restatement. In early trade, the FTSE Eurofirst 300 was 0.2 per cent [...]

LONDON (Thomson Financial) – Royal Dutch Shell PLC said it has agreed to pay at least 353 mln usd to settle the claims lodged by European and other investors outside the US relating to the shock oil reserves downgrade in 2004. The Anglo-Dutch oil group said it is entering into the agreement ‘without admitting any [...]

STATEMENT BY ROYAL DUTCH SHELL PLC: 11/04/2007 � Royal Dutch Shell plc today announced the proposed settlement of claims outside the US related to the 2004 restatement of reserves.� � Without admitting any wrongdoing, Shell* agreed to pay $352.6 million, plus administrative costs, to investors covered by the settlement. They include non-US investors who purchased [...]

By Stephen Voss April 11 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company, said it proposed a settlement of European and other non-U.S. investor claims related to its 2004 restatement of oil and gas reserves. “Without admitting any wrongdoing, Shell agreed to pay $352.6 million, plus administrative costs, to investors covered by the [...]