BusinessCompany NewsShell pays $80m to settle oil reserve suit

Shell pays $80m to settle oil reserve suit

Petrochemical giant pays out to class action shareholders who claimed the company had overstated its oil reserves

Shell has paid out more than $80m (£39.7m) compensation to aggrieved
shareholders to draw a line under a damaging oil reserves issue

The FTSE 100 giant has been dragged through the US courts a class action suit
brought by two pension funds which claimed that Shell had overstated its oil and
gas assets after a sizeable downgrade in 2004.

Shell, which is already set to fork out $353m to a group of Dutch
shareholders, said: ‘The proposed US and Dutch settlements, if approved by the
courts, would put an end to all pending litigation arising out of the 2004
reserves recategorisation.’

Further reading:

Unions
want oil windfall tax after Shell’s record profits

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