The agreement in principle is subject to specified conditions, including the execution of a definitive settlement agreement, the approvals of Shell’s boards of directors and of the relevant government authorities of the state of Pennsylvania, and the approval of the US District Court for the District of New Jersey.
Shell stated that the proposed settlement complements a previously announced proposed settlement reached on behalf of non-US persons and entities who purchased Shell shares on non-US exchanges between the class period of April 8, 1999, and March 18, 2004.
The new proposed settlement covers all persons and entities who purchased Shell shares on US markets during the class period, as well as all US persons and entities who purchased Shell shares on non-US markets during the class period. All participants in the proposed Dutch and US settlements would receive equal settlement relief.
The agreement in principle in the US litigation will provide, among other relief, the US class a base settlement amount of $79.9 million plus $2.95 million. These amounts are proportional to the amounts payable to the potential participants in the proposed Dutch settlement.
