Achieved $450 million pan-European class settlement, the first of its kind under Dutch law
Plaintiff(s):
More than 100 European institutional investors
Case type / claims:
Securities fraud claims alleging misrepresentations concerning Shell’s proven oil and gas reserves between 1999 and 2004.
Defendant(s):
Royal Dutch/Shell Transport & Trading and Royal Dutch Petroleum
Jurisdiction:
The Netherlands
Outcome:
- Secured approximately $450 million, including $352.6 million in cash directly from Shell and $120 million paid to non-U.S. shareholders as part of Shell’s SEC penalty.
- Achieved the first-ever pan-European class settlement of its kind, creating a groundbreaking model for cross-border investor recovery and enabling non-U.S. investors to resolve claims without litigation.
- Enhanced shareholder goodwill by prompting Shell to undertake corporate governance improvements.
