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Daily Telegraph: Shell settlement rises to $470m

Friday, March 7, 2008

Royal Dutch Shell has agreed to pay $89.5m (£40m) to settle a lawsuit by US-based investors over the oil company’s 2004 restatement of oil and natural gas reserves.

Shell also will pay an additional $28.3m to investors in a European settlement, raising the company’s total payout over the restatement to $470m.

The scandal, in which Shell booked reserves it did not have, led to fines and the resignation of senior executives.

Shell said yesterday it had “made a huge step toward closing the chapter of legal disputes and controversies”.

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