Newark, N.J. - A group of major shareholders is suing Royal Dutch Shell PLC for several hundred million dollars in damages after the company's 2004 oil reserves accounting scandal.
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 measured by assets.
According to the court filing in Newark, N.J., Shell made materially false and misleading statements that caused the investors to sustain substantial losses. The reserves scandal cost Shell almost $150 million in fines imposed by U.S. and British regulators and led to the firing of three senior executives.
Shell has already paid $90 million to settle one shareholder lawsuit.
