Shell auditors and former FD face lawsuit
Dutch pension fund giant takes action against Royal Dutch Shell, its auditors and former finance director Judy Boynton over reserves scandal
Dutch pension fund giant ABP has launched a multimillion-dollar lawsuit
against Royal Dutch Shell, its auditors PwC and KPMG, and former finance
director Judy Boynton over the company’s reserves scandal.
The fund, which looks after the pensions of Dutch public sector employees and
25 other pension funds, has 2.5 million members and €168bn (£115bn) of assets
under management.
PwC and KPMG are accused of making false and misleading statements. Boynton,
former Shell head Sir Mark Moody-Stuart and other directors are also being sued,
The Times reports.
ABP claims that because reserve levels were allegedly reported falsely, it
paid inflated prices for Shell stock. Shell said it would defend the action
‘vigorously’. KPMG would not comment and PwC said the papers had yet to be
served.
Shell and the two accounting firms are already facing class-action suits from
US investors over the scandal and last year paid out $99m (£56m) to other
plaintiffs.