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Case ID: 4346 | Employment | 07/12/2005
Royal Dutch/Shell Group, the world's third largest oil group, agreed to pay about $90 million to settle a lawsuit brought by its U.S. employees after the company overstated its oil and gas reserves by 41 percent.
The accord brings to about $240 million costs related to the overstatement, which led to lawsuits, criminal investigations and the oust of Chief Executive Philip Watts. Insurance will cover $25 million of the settlement, Shell said in a statement July 12, 2005. The complaint was brought by employees enrolled in savings plans covered by the Employee Retirement Income Security Act, or Erisa. Shell shocked investors in January 2004 by slashing its proven reserves of oil and gas. The revelation that the firm had been exaggerating the size of its reserves for years sent its stock tumbling and led to the oust of its top executives. Shell has already paid about $150 million in fines to U.S. and UK financial regulators over the scandal. The $90 million settlement represents less than two days' profit for Royal Dutch/Shell Group, which had record net income of $18.5 billion last year under International Financial Reporting Standards. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Employment Cases of Interest A class action lawsuit has been filed in the Northern District Court of California against the City of Oakland. The case involves violations of the Fair Labor Standards Act. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. The issue of corporate health plan prescription contraceptive coverage is growing quickly. A class action has been filed against DaimlerChrysler Corporation on behalf of women employees who allege that the company discriminated against them by failing to include prescription contraceptives in its health plan coverage in violation of federal civil rights laws.
Though a business, under certain circumstances, can avoid paying overtime to managerial employees who work more than 40 hours in a normal workweek, it must be careful to stay within federal regulations. A national class action has been filed against clothier Abercrombie & Fitch Company on behalf of current and former managers and management trainees, alleging that the company violates state and federal labor laws by exempting them from overtime pay even though up to 90% of their work is the same as regular employees.
The federal Fair Standards Labor Act and similar state labor laws require that most hourly employees be paid overtime wages if they work more than 40 hours in a normal workweek. Two related class actions have been filed against home improvement center operator Lowe's Companies, Inc., and certain of the company's subsidiaries on behalf of current and former employees who allege that the companies did not properly calculate their overtime pay, in violation of state and federal labor laws. Qualified employees should join the action as soon as possible to prevent forfeiture of benefits because of the operation of federal statutory deadlines.
A class action lawsuit was filed against the Supercuts hair salon chain and some of its Chicago franchises. The lawsuit was filed by Chicago-Area former workers, who claim the only language they were allowed to speak was English.
A national collective action has been filed in Missouri against IKON Office Solutions, Inc. The action is brought on behalf of all current and former IKON customer service representatives who, since May, 2001, were not paid proper statutory overtime for all hours worked beyond 40 per week. The action is brought under the federal Fair Labor Standards Act and seeks compensatory, statutory and liquidated damages as well as declaratory and injunctive relief. As a collective action, all potential claimants are required to "opt-in" to the action in order to be considered part of the class. The employees have requested that the court issue notice to all potential class members. |
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