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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: yard_man who wrote (1757)	3/10/2004 6:38:51 PM
From: ThirdEye	Read Replies (1) of 116555

Now Shell faces US legal storm observer.guardian.co.uk US legal experts acting for investors said that events surrounding the resignations, which followed the admission in January that the company had wrongly booked 3.9 billion barrels of oil as reserves, strengthened their multibillion-dollar case of alleged fraud against the company ....Last month one of America's leading class action law firms, New York-based Milberg Weiss Bershad Hynes and Lerach, filed a suit alleging deliberate violation of US securities laws in reporting of reserves. Milberg Weiss's Steve Schulman said that in dropping its claim that the 3.9 billion barrels were booked 'in good faith', a position fiercely defended by Watts before he quit, Shell greatly strengthened the investors' case. 'It would seem to be an admission that the claim they had booked these reserves in good faith was not true and cannot be supported.'

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