RELATED PRESS RELEASE BY SCOT + SCOT, LLC CONCERNING SHELL RETIREMENT PENSION FUNDS CLASS ACTION LAWSUIT AGAINST THE ROYAL DUTCH SHELL GROUP (ShellNews.net)
Scott + Scott, LLC Files ERISA Class Action against Royal Dutch Petroleum Company on Behalf of Participants and Beneficiaries of Retirement Accounts
Tuesday April 6, 2:53 pm ET
Scott + Scott, LLC Represents Plaintiffs On Behalf of the Shell Provident Fund and the Shell Pay Deferral Investment Fund
COLCHESTER, Conn., April 6 /PRNewswire/ -- Scott + Scott, LLC (nrothstein@scott-scott.com or scottlaw@scott-scott.com), a law firm based in Connecticut with offices in Ohio and California, announces that it has filed an ERISA action (Employee Retirement Income Security Act of 1974) on behalf of the participants and beneficiaries (not defendants) of the Shell Provident and Shell Pay Deferral Investment Funds (the "Shell Retirement Funds") of Royal Dutch Petroleum Company and affiliated companies ("Royal Dutch/Shell" - NYSE: RD and NYSE: SC). On April 2, 2004, five plaintiffs filed a class action complaint under ERISA on behalf of the Shell Retirement Funds and the thousands of the participants and beneficiaries of each whose retirement accounts held securities in the Plans' Royal Dutch Stock Fund from at least December 3, 1999 through and including January 9, 2004 and who suffered losses due to defendants' alleged breaches of fiduciary duties.
Plaintiffs allege that at least during this period, instead of carefully observing their fiduciary duties to act solely in the Plans' and the Class's best interests, defendants breached their fiduciary duties by systematically and improperly manipulating the financial results of the combined oil companies, Royal Dutch Petroleum Company and Shell Transport and Trading Company, in direct contravention of generally accepted accounting principles ("GAAP") and then misrepresenting such financial results to the public and Class members. Indeed, defendants deliberately violated accounting rules and guidelines relating to oil and gas reserves which resulted in shocking and unprecedented overstatements and the eventual disclosures which materially affected the market and drove down the value of the shares held in the Plans' Royal Dutch Stock Fund-all to the detriment of the Class. On February 19, 2004, Royal Dutch/Shell announced that the Securities and Exchange Commission had begun a formal investigation into the Company's surprise restatement of its oil and natural gas reserves.
Plaintiffs allege that defendants are liable under ERISA for such breaches of fiduciary duty. If you are a participant or beneficiary of this group/class and would like to join this organized group or receive a package of additional information, you can receive a copy of the complaint filed in this action from the Court, or it can be viewed at www.scott-scott.com. You can also contact Scott + Scott, LLC at 800/332-2259 (Pacific Time).
Scott + Scott, LLC, a Connecticut-based law firm with offices in Ohio and California, is a law firm with a national practice and reputation. Scott + Scott has dedicated itself to client communication and satisfaction. The firm is currently litigating major securities, antitrust and employee retirement plan cases throughout the United States and represents pension funds, charities, foundations, individuals and other entities worldwide - both as class and non-class cases. If you wish to discuss this action with an attorney or have any questions concerning this notice or your rights, please contact attorney Neil Rothstein at nrothstein@scott-scott.com or by calling 1-800-332- 2259. Scott + Scott, LLC is located at 108 Norwich Avenue, Colchester, CT 06415; phone: 860/537-3818; fax: 860/537- 4432.
http://www.scott-scott.com/news/press_rel/Royalpr.htm (WITH LINK TO VIEW THE COMPLAINT)