Shell Earmarks $500M For Possible Settlement

Law360, New York (July 27, 2006, 12:00 AM EDT) -- Royal Dutch Shell has set aside $500 million to deal with potential settlement costs in federal class action shareholder suits the company faces in New Jersey.

The lawsuits stem from Shell’s January 2004 announcement that it had overstated its oil reserves by about 20%, news that sent the company’s stock prices tumbling.

The revelation of the settlement provision came as part of the company’s 2006 unaudited financial results, which were released on Thursday.

“In connection with the putative shareholder class actions…Shell has determined that it would...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.