Regulators detail settlements with Shell

摘要

US and UK financial regulators detailed final settlements Aug 24 totalling US150-mil by Royal Dutch/Shell for fraud and market abuse stemming from Shell's chronic overstatement of proved reserves.Shell consented to a US cease-and-desist order against further misstatements but made no formal admission of guilt.The costly settlement,which Shell tentatively disclosed last month,ends further US and UK civil enforcement action against the Anglo-Dutch oil giant over the matter.But the company still faces probes by Amsterdam market regulators and the Euronext stock exchange,as well as a raft of shareholder lawsuits and a US Department of Justice probe into possible criminal violations.Chairman Jeroen van der Veer,speaking after Shell's latest results July 29,said the company continues to cooperate with the DOJ but cannot yet assess potential impact of the shareholder class actions.