Jones Lang LaSalle

Shareholders file suit against Royal Dutch Shell

AMSTERDAM, Netherlands (AP) - A group of major European shareholders is suing Royal Dutch Shell PLC for several hundred million dollars in damages after the company's 2004 oil reserves accounting scandal, their lawyers said yesterday.
The group of 26 institutional investors represents up to 5 percent of Shell's stock, and is led by Dutch pension fund ABP - the world's second-largest pension fund by assets.
The investors say they should be compensated for losses suffered when Shell's stock fell after the company admitted overstating the size of its estimated oil and gas reserves by up to 33 percent.