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17

Shell To Pay Over $90 mln

Oil giant Royal Dutch Shell said it was ready to pay more than $90 million

Oil giant Royal Dutch/Shell said it was ready to pay more than $90 million to settle an employees? class action lawsuit regarding proved reserves cutting scandal last year.

This figure includes lawyers' fees, and Shell will pay up to another $1 million to cover other expenses incurred by the plaintiffs? lawyers.

Insurance will cover $25 million out of the total settlement, which is subject to court approval.

"We are hopeful that the court will approve the settlement, which represents an important step toward putting litigation relating to the reserves recategorizations behind us," said Beat Hess, Shell's legal director.

Earlier Shell has already paid about $150 million in fines to U.S. and UK financial regulators over the scandal.