ShellNews.net: Another Bad News Day For Shell: Thursday 11 August 2005: 13.35pm
US CLASS ACTION LAWSUIT AGAINST SHELL GIVEN GO-AHEAD BY DISTRICT CHIEF JUDGE
First came the news from the USA that Royal Dutch Shell is in the highly embarrassing position of having a Chief Executive Officer, Jeroen van der Veer, who has allegedly engaged in a securities fraud in relation to the reserves scandal.
District Chief Judge John Bissell has given consent for a major class action lawsuit against Shell, its auditors and named current and former directors to proceed. A link to the relevant report, which includes the 152 page Court Order issued by the Judge is accessible below.
In the UK, The Times and The Daily Telegraph report that some Shell shareholders are furious about the tax implications arising from the unification of Shell Transport and Royal Dutch Shell and are threatening legal action. This thorny problem also arises from the reserves scandal.
All three articles can be accessed below.
ShellNews.net: US Class Action Suit Against Shell CEO Jeroen van der Veer Alleging Securities Fraud Given Consent to Proceed: 08.00am Thursday 11 August 2005: Read the article
Daily Telegraph: Shell rebel investors dig their heels in: “David Windsor-Clive, 44, another dissident shareholder and former banker who is facing a £600,000 tax bill on a £2m family holding in Royal Dutch, said he was considering suing Shell if it failed to ease the tax hit.”: Thursday 11 August 2005: Read the article
THE TIMES (UK): Angry shareholders tell Shell to halt $5bn buyback plan: “FURIOUS shareholders urged Royal Dutch Shell to suspend a large share buyback programme last night amid concerns that it might cost the group up to €220 million (£151 million).”: Thursday 11 August 2005: Read the article
Fair Use Notice: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml.If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Site Ownership: Shell 2004.com (also known as ShellNews.net) IS OWNED AND OPERATED BY THE SHELL SHAREHOLDERS ORGANISATION: CHAIRMAN ALFRED E DONOVAN, 847a Second Avenue, New York City, NY 10017, USA. The statements expressed here, and any opinions, are those of the writers alone, and neither are opinions of nor reflect the views of Shell2004.com. Content created by the writers is the sole responsibility of the writers and its accuracy and completeness are not endorsed or guaranteed. This goes for all links, too: Shell2004.com has no control over the information you access via such links, does not endorse that information, cannot guarantee the accuracy of the information provided or any analysis based thereon, and shall not be responsible for it or for the consequences of your use of that information.
© 2004/5 Shell2004.com All rights reserved.
Click here to return to ShellNews.net HOME PAGE