updated 9/1/2005 7:53:04 PM ET 2005-09-01T23:53:04

Royal Dutch Shell PLC said it will pay $9.2 million and adopt some corporate governance changes to settle shareholder lawsuits related to the company's oil reserves scandal.

The agreement, announced Wednesday, resolves four lawsuits pending in U.S. federal courts in New York and New Jersey and in a New York state court.

Shell was forced to restate the size of its proven oil and gas reserves last year, after announcing that it had overstated them by around 20 percent.

The scandal cost the company almost $150 million in fines imposed by U.S. and British regulators, led to the firing of three senior executives and prompted criminal probes.

Under the terms of the settlement, Shell said it has agreed to adopt policies and standards in the areas of board composition and qualifications, membership and functions of board committees, director and senior management compensation, financial reporting and controls and corporate compliance and ethics.

It did not give details on what the changes would be.

Terms of the settlement also include the payment of $9.2 million in attorneys' fees and expenses.

"The settlement will resolve all matters raised in the shareholder derivative actions with respect to Shell and its current and former directors," the company said.

Copyright 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 1.97%
$30K home equity loan FICO 5.80%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.70%
13.70%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.17%
17.17%
Source: Bankrate.com