Shell Faces Class Action Over Rigged Oil Reports

Law360, New York (January 9, 2006, 12:00 AM EST) -- A Dutch pension fund has slammed Shell with a class action suit in New Jersey federal court over claims that the Anglo-Dutch oil company inflated future annual oil reserve figures by billions of barrels.

The suit alleges that Shell, a unit of Royal Dutch Shell Plc, overstated its future cash flows by over $100 billion in each of the company’s annual reports from 1998 through 2003. It also accuses the petroleum giant of lying about having identified new oil and gas reserves and replacing existing ones...
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