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Shell Earmarks $500M For Possible Settlement

Law360 (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...
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