Shell settles employee civil suit over reserves overstatement

[JURIST] Royal Dutch/Shell Group [corporate website] announced Tuesday that it has settled a civil suit [press release] brought by employees in response to the company's overstatement of reserves for $90 million. The plaintiff employees were part of a retirement savings plan and filed suit under the Employee Retirement Income Security Act of 1974 [US Department of Labor backgrounder]. Shell had previously settled civil investigations [JURIST report] by both the US and UK governments into the reserves misstatement and had accepted the resignation of its chief financial officer [JURIST report]. The US Department of Justice has declined to prosecute [JURIST report]. AP has more.

 

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