Royal Dutch Shell (RDS.A) Ordered to Pay $381 Million Settlement to Pan-European/Global Investor Group
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A Dutch appeals court has ordered Royal Dutch Shell plc. (NYSE: RDS.A) to begin payment of $381 million plus interest to a foundation representing a group of institutional investors from 17 European countries, plus Canada and Australia.
Grant & Eisenhofer P.A. reports this is one of the largest securities fraud settlement ever reached in Europe.
Under the settlement, Shell is making its payment to a foundation specifically created to petition the Court of Appeals on behalf of the investor group.
As a result of the extended inflation of its energy reserves, Shell was forced to issue multiple large financial restatements beginning in 2004. Estimates are that over the six-year period covered by the case, Shell overstated more than $100 billion of future cash flows, based on billions of barrels of oil that were not actually held in its reserves.
Royal Dutch Shell plc (Shell) is a holding company, which owns, directly or indirectly, investments in the numerous companies constituting the group. Shell is engaged globally in the principal activities of oil and natural gas industry. [SM]
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