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PR Newswire (Europe): Schiffrin Barroway Topaz & Kessler, LLP Announces US$352 Million Settlement With Royal Dutch Shell

Published: Apr 12, 2007

Schiffrin Barroway Topaz & Kessler, LLP Announces US$352 Million Settlement With Royal Dutch Shell on Behalf of European and Other Non-United States Shareholders

RADNOR, Pennsylvania, April 12 /PRNewswire/ —

The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:

A landmark US$352 million settlement was achieved by European investors with Royal Dutch Shell plc (NYSE: RDS.A, RDS.B; LN: RDSA, RDSB; EN: RDSA, RDSB) relating to Shell’s(1) 2004 restatement of reserves. The European settlement of securities fraud claims on a class-wide basis, the first of its kind, seeks to resolve claims exclusively on behalf of European and other non-United States investors.

Uncertainty over whether jurisdiction for non-United States investors existed in a 2004 class action filed in New Jersey prompted a significant number of prominent European institutional investors from nine countries, representing more than one billion shares of Shell, to actively pursue a potential resolution of their claims outside the United States. Among the European investors which actively sought and supported this settlement are Alecta pensionsforsakring, omsesidigt, PKA Pension Funds Administration Ltd., Swedbank Robur Fonder AB, AP7 and AFA Insurance, all of which are represented by Schiffrin Barroway Topaz & Kessler.

Along with Jay Eisenhofer of Grant & Eisenhofer, P.A. — who led the European group’s efforts — Schiffrin Barroway Topaz & Kessler founding partner, Richard S. Schiffrin, represented the European investors in negotiating this precedent-setting resolution with Shell.

The settlement must be approved by the Amsterdam Court of Appeals in The Netherlands and is contingent upon the US court declining jurisdiction over these claims. Once finalized, European and other non-United States investors could receive as much as US$450 million, if the SEC is persuaded to apply the US$120 million fund paid to the SEC by Shell in 2004 in a pro rata fashion based upon the overall damages allegedly suffered by all investors.

If you wish to discuss this class action settlement or have any questions concerning your rights or interests with respect to this matter, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq., or Stuart L. Berman, Esq.) toll free at +1-888-299-7706 or +1-610-822-2235, or via e-mail at [email protected] or [email protected].

(1) The expression “Shell” as used in this release indicates the two former parent companies, i.e. The Shell Transport and Trading Company, Ltd., (formerly: The “Shell” Transport and Trading Company, plc.) and Shell Petroleum N.V. (the successor company to Royal Dutch Petroleum Company). CONTACT: Schiffrin Barroway Topaz & Kessler, LLP Darren J. Check, Esq. Stuart L. Berman, Esq. 280 King of Prussia Road Radnor, PA 19087 +1-888-299-7706 (toll free) or +1-610-822-2235 Or by e-mail at [email protected] or [email protected]

Web site: http://www.sbtklaw.com Schiffrin Barroway Topaz & Kessler, LLP

Darren J. Check, Esq., +1-888-299-7706, +1-610-822-2235, [email protected], or Stuart L. Berman, Esq., +1-888-299-7706, +1-610-822-2235, [email protected], both of Schiffrin Barroway Topaz & Kessler, LLP

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