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Financial Times: R Dutch/Shell pays $90m damages

Financial Times: R Dutch/Shell pays $90m damages

“Royal Dutch/Shell, the Anglo-Dutch energy group, yesterday agreed to pay $90m (£51m) damages to settle claims by US employees who say their savings plan was hurt by the company’s admission last year that it had overstated its oil reserves.”

Wednesday 13 July 2005

By Thomas Catan

Published: July 13 2005

Royal Dutch/Shell, the Anglo-Dutch energy group, yesterday agreed to pay $90m (£51m) damages to settle claims by US employees who say their savings plan was hurt by the company’s admission last year that it had overstated its oil reserves. If the court agrees, Shell will also pay $1m in legal expenses to the plaintiffs.

Beat Hess, Shell’s legal director, said: “Shell believes that this is a good settlement for plan participants and for the companies. We are hopeful that the court will approve the settlement, which represents an important step toward putting litigation relating to the reserves recategorisations behind us.” Thomas Catan

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