Royal Dutch/Shell Transport Securities Litigation
On September 26, 2008, the Honorable Joel A. Pisano of the United States District Court for the District of New Jersey granted final approval to a U.S. settlement with a minimum cash value of $138.3 million and a contingent value of more than $180 million in In re Royal Dutch/Shell Transport Securities Litigation, No. 04-374 (JAP) (D.N.J.) (the “Action”). As part of the settlement, the firm secured an additional $28.34 million for the members of a European class that settled with Shell in 2007 for more than $350 million, which, according to United States District Judge Joel A. Pisano, lead plaintiffs and Bernstein Liebhard were a “substantial factor” in creating.
On June 30, 2004, the Court appointed the Pennsylvania State Employees’ Retirement System and the Pennsylvania Public School Employees’ Retirement System as Lead Plaintiffs in the action, and appointed Bernstein Liebhard LLP as sole Lead Counsel. Lead Plaintiffs alleged that Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company (together, “Shell”), engaged in securities fraud related to their recategorization of billions of barrels of their oil and gas reserves beginning in January 2004.
After four years of litigation, the firm successfully negotiated the settlement, which covers all purchasers of Shell securities on U.S. exchanges and markets during the Class Period (April 8, 1999 through March 18, 2004), as well as all U.S. purchasers of Shell securities on non-U.S. exchanges and markets during the Class Period.