FROM OUR ARCHIVES…
“This is a fraud that was orchestrated apparently at the highest levels of the company, extending over many, many years, and executed knowing that this is defrauding the public.”
Newark Star-Ledger: Judge to choose lead plaintiffs in Shell oil reserve fraud case
BY KATE COSCARELLI
Star-Ledger Staff
Wednesday, May 12, 2004
A federal judge in Newark is expected to issue the first significant ruling in a securities fraud complaint against Royal Dutch/Shell Group in what is being regarded as one of the largest cases of its kind.
In the coming days, U.S. District Chief Judge John W. Bissell will issue a decision assigning the lead plaintiffs and lawyers in the case.
For lead plaintiffs, the judge indicated at a hearing last week that he would pick the Pennsylvania state employees retirement system and teachers retirement system, which lost about $70 million in investments in Shell stock when it plummeted earlier this year.