Representative Cases

G&E represented more than 100 European institutional investors in a pan-European class action settlement with Royal Dutch Shell relating to misrepresentations concerning its proven oil and gas reserves between 1999 and 2004, when Shell traded as two stocks: Shell Transport & Trading and Royal Dutch Petroleum. After several months of negotiations, a settlement was reached, valued at approximately $450 million, including $352.6 million in cash paid from Shell and a payment to non-U.S. shareholders of an additional $120 million fine Shell paid to the U.S. Securities and Exchange Commission. In addition to this amount, Shell agreed to pay all fees and expenses relating to the settlement. The settlement was reached under Dutch law and was the first pan-European class settlement of its kind in history. This ground-breaking settlement provided the opportunity for non-U.S. investors to be part of a novel event by resolving a dispute without resorting to litigation. In addition to the settlement, G&E was able to work with Shell to increase goodwill with shareholders by making corporate governance changes.