Shell Prepare for $500 Million Class Action Settlement

Royal Dutch Shell PLC announced that it is going to pay $500 million to settle a US class action lawsuit arising from the group’s controversial oil reserves downgrade a few years ago.

Charges for the quarter totaled $232 million against $547 million a year ago. “Accordingly, management of the Shell Group has established a $500 million provision in respect of the litigation. No settlement has been reached in the matter,” it said in a statement.

Link [www.iii.co.uk/news/?type=afxnews&articleid=5728039&subject=companies&action=article]

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