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.
Shell’s insurers will pick up $25m of the bill.
A Shell spokesman said it has 22,000 US employees but it could not say how many took part in the legal action.
The reserves scandal led to a number of writs in the US and regulatory inquiries. Shell paid UK financial regulators a pounds 17m fine and US regulators $120m. An inquiry by the Dutch financial regulator is continuing. – Heather Tomlinson
http://www.guardian.co.uk/business/story/0,,1527098,00.html
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