Royal Dutch Shell PLC said it will pay $9.2 million and adopt some corporate governance changes to settle shareholder lawsuits related to an oil reserves scandal.
The agreement resolves four lawsuits pending in federal courts in New York and New Jersey. Shell was forced to restate the size of its proven oil and gas reserves last year, after announcing that it had overstated them by around 20 percent
The scandal cost the company almost $150 million in fines imposed by U.S. and British regulators, leading to the firing of three senior executives and a number of criminal investigations.
Under the terms of the settlement, Shell said it would adopt policies and standards in the areas of board composition and qualifications, membership and functions of board committees, director and senior management compensation, financial reporting and controls and corporate compliance and ethics. Shell will also pay $9.2 million in attorney's fees and expenses.
"The settlement will resolve all matters raised in the shareholder derivative actions with respect to Shell and its current and former directors," the company said in a statement.
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