Shell Sued by 26 Funds on Oil Reserves Overstatement

Royal Dutch Shell Plc, the third- largest publicly traded oil company, was sued by 26 Dutch pension funds over the company’s restatement of its oil reserves between 1999 and 2003.

Stichting Pensioenfonds ABP, Europe’s biggest retirement plan, is among the plaintiffs and is seeking about $150 million in damages, spokesman Thijs Steger said today in a phone interview. The funds are withdrawing from a U.S. class-action claim against Shell to ensure European investors can share in any judgment, ABP said in an e-mailed statement.

Bloomberg