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Shell agrees to pay $9.2 million in shareholder lawsuit

[JURIST] The Shell Group [corporate website] agreed Thursday to pay $9.2 million to settle lawsuits brought last year by shareholders when the oil company admitted to overstating its oil and gas reserves [JURIST report] by 20 percent in 2004. The lawsuits led to an overhaul of Shell's top management and the settlement requires the company to create policies and standards in areas including the board's composition and qualifications, director and senior management compensation, and financial reporting. The $9.2 million will cover plaintiffs' legal fees and the plaintiffs have agreed to drop their current claims against the company and release directors from future claims. The Guardian has more.

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