Royal Dutch Shell
said it will pay $352.6 million to settle claims outside the U.S. related to its 2004 restatement of reserves.
The company will also pay administrative costs to investors covered by the settlement. The agreement depends on the Amsterdam Court of Appeals declaring the settlement binding for all of the shareholders involved. It didn't admit to any wrongdoing.
Shell intends to offer the same proportional settlement to investors in the U.S., provided the U.S. court overseeing the case grants its approval.
The current deal will see $340.1 million distributed to investors who both resided and purchased shares outside the U.S. from April 8, 1999, until March 18, 2004, and $12.5 million divided equally among all shareholders who submit a valid claim for relief.
An additional $6.25 million will go to Vereniging van Effectenbezitters, an organization representing individual shareholders in the Netherlands, and other similar groups to assist investors in preparing and submitting claims.
Shell further agreed to request that the U.S.
Securities and Exchange Commission
give investors the $120 million that the company paid in 2004 to resolve the SEC's investigation in to the reserves restatement.
Shares of Royal Dutch Shell were gaining 1.2% to $67.43 in premarket trading Wednesday.