Shell payout to settle reserves case - without admitting blame

04/11/2007

Graeme Wearden
Wednesday April 11, 2007
Guardian Unlimited


Royal Dutch Shell has agreed to pay $352.6m (£178m) to settle legal action brought by shareholders after it admitted overstating its oil and gas reserves.

The proposed settlement has been accepted by several institutional investors based outside the US and a group that represents individual shareholders, it said. They lodged claims against the oil giant after it announced in early 2004 that it was downgrading its reserves by 20%.

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