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Daily Mail: Shell pays staff £51m in row over reserves

Daily Mail: Shell pays staff £51m in row over reserves

“Staff at Shell Oil in the US who contributed to a company savings plan -similar to a pension fund -filed the class action suit with the District Court in New Jersey in July last year. They claimed former and existing Shell directors and officers breached their fiduciary duties to the employees.”

Posted Sunday 17 July 2005

City Editor Alex Brummer

FINANCE

Published by The Daily Mail on Wednesday, July 13, 2005 (Page 64)

Telephone 020 7938 6000

Web www.thisismoney.co.uk

SHELL has agreed to pay $90m (£51m) to a group of employees in America as the oil giant moves to settle one of the three major US lawsuits tiled over last year’s reserves scandal.

Staff at Shell Oil in the US who contributed to a company savings plan -similar to a pension fund -filed the class action suit with the District Court in New Jersey in July last year.

They claimed former and existing Shell directors and officers breached their fiduciary duties to the employees.

Beat Hess, Shell’s legal director, said the company is hopeful the court will approve the settlement. He added that it ‘represents an important step towards putting litigation relating to the reserves recategorisations behind us.’

Shell said $25m of the settlement is covered by insurance policies.

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