Shell To Settle Oil Reserves Lawsuits In U.S., Europe

Law360 (April 11, 2007, 12:00 AM EDT) -- Royal Dutch Shell PLC will settle damage claims regarding its 2004 oil reserves scandal with European shareholders for $352.6 million and hopes to settle with United States investors for another $80 million, the company said on Wednesday.

Shell general counsel Beat Hess told reporters that the settlement offer is for shareholders who bought Shell stock from April 1999 to March 2004. Major investors have already agreed to the deal and it is subject to approval by the Amsterdam Court of Appeals.

Hess said Shell also “intends...
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