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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

Shareholder Derivative Lawsuit Arising Out of 2004 Reserves Recategorization

“The Shell Group (Shell) today announced that a settlement has been reached with the plaintiffs in shareholder derivative actions arising out of Shell’s 2004 reserves recategorisation… The cases sought corporate governance and structural changes as well as unspecified monetary damages from the current and former directors. Under the terms of the settlement, Royal Dutch Shell plc has agreed to adopt and implement certain corporate governance principles negotiated with counsel for the derivative plaintiffs and a corporate governance expert retained by plaintiffs’ counsel. The principles include 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. Terms of the settlement also include payment by Shell of $9.2 million in attorneys’ fees and expenses to counsel for the derivative plaintiffs.” See related Royal Dutch Shell misconduct instances “Employee Retirement Income Security Act Class Action,” “Violations of Federal Securities Laws,” and “U.S./European Shareholder Lawsuit Arising Out of 2004 Reserves Recategorization.”

Misconduct Type
Securities
Enforcement Agency
Non-Governmental
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Preliminary Settlement Approval
8/31/2005
Contractors Involved Penalty
Total
Royal Dutch Shell PLC $9,200,000
Further Information Released
Shell Press Release 9/1/2006

See also:

Federal Contractor Misconduct Database