Economic Times: Watchdog lawyer sues Shell, execs over reserves
Posted 27 June 04
NEW YORK: The army of lawyers swarming around Royal Dutch/Shell Group, which touched off a collapse in its stock price after it admitted inflating proved reserves, has just been joined by a well-known veteran.
Securities lawyer William Lerach, a lead player in many of the biggest shareholder class action suits of the past two decades, on Friday filed a shareholder derivative lawsuit against Shell and its executives in a New Jersey state court.
The suit on behalf of the UNITE National Retirement Fund and the Plumbers and Pipefitters National Pension Fund — alleges Shell directors and auditors failed to properly monitor company management, which ran afoul of new Sarbanes-Oxley corporate reform rules in the United States. read more
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