FROM OUR JULY 2005 SHELL NEWS ARCHIVE…
The Guardian: Shell pays staff $90m in legal case
“British oil group Shell has settled a legal action by some of its US employees, who were furious about the overstatement of its oil and gas reserves, for $90m (pounds 51m).”
Thursday 13 July 2005
British oil group Shell has settled a legal action by some of its US employees, who were furious about the overstatement of its oil and gas reserves, for $90m (pounds 51m).
The American staff had Shell shares in their pension funds. Other shareholders are suing the company and separate talks to settle that action are continuing.
In the deal struck with employees’ lawyers, Shell will pay up to $1m for costs. The company has also agreed new rules for staff who are charged with looking after their pension funds, dealing with the way they are monitored and trained.