Shell’s subsequent admission that it had mistakenly overstated oil reserves from 1999 to 2003 by a massive 41% played absolute havoc with its share prices as the sudden revelation that the oil producer was not in as good a position as it thought sent its stock tumbling.
US employees who hold shares in the company have already sued and settled for multi-millions with the Anglo-Dutch company over the damage its mistakes did to the value of their shares. Now investment funds have followed the example and instigated legal action of their own.
Twenty-six Dutch pension funds, including Stichting Pensioenfonds ABP, have issued filings against Shell. According to the BBC, the investors hold about 5% of Shell’s shares and are reported to be seeking $150 million (GBP85 million) in damages.
Shell said it would vigorously defend itself against the new filings.
