The group of predominantly Dutch pension funds, led by ABP, the €168 billion Dutch civil service and educational pension fund, has filed a pending class-action lawsuit against the energy company with US law firm Grant & Eisenhofer.
“We’re arguing that these clients bought shares based on Shell’s stated oil reserves,” says Geoff Jarvis, partner at Grant & Eisenhofer. “When Shell acknowledged that they had overstated the reserves at a later date, the stock price took a hit and resulted in our clients losing hundreds of millions of dollars.
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