Dutch Court Approves Landmark Shell 'Class Action'

Dutch Court Approves Landmark Royal Dutch Shell Shareholder 'Class Action'
The American Lawyer

Europe may not have a class action mechanism, but a securities fraud settlement approved Friday by a Dutch court comes pretty darn close. The Amsterdam Court of Appeals issued a binding declaration ordering Royal Dutch Shell to begin payment of $381 million to a foundation representing a group of more than 150 institutional investors from 17 European countries, plus Canada and Australia. The settlement resolves securities fraud claims stemming from Shell's overstatement of its proven oil and gas reserves. [more]