Royal Dutch Shell said on Tuesday it had agreed to pay more than $90m to settle a class action lawsuit taken by...
Royal Dutch Shell said on Tuesday it had agreed to pay more than $90m to settle a class action lawsuit launched by employees in relation to the effects of the reserves scandal on their retirement savings plans.
In addition to this, Shell will pay up to another $1m to cover costs.
Insurance will cover $25m out of the total settlement, which is subject to court approval.
Beat Hess, Shell's legal director said: "We are hopeful that the court will approve the settlement, which represents an important step toward putting litigation relating to the reserves recategorizations behind us," said Beat Hess, Shell's legal director.
Billions were wiped off the value of Shell in January 2004 when the company admitted to overvaluing its reserves. The company which is the world's third-largest oil group by market capitalisation, has already paid about $150m in fines to US and UK financial regulators over the scandal.
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