Scott + Scott Obtains $90 Million for Royal Dutch/Shell Retirement Plan Participants
COLCHESTER, CT, Mar. 2006 -- In late 2005, Scott + Scott, acting as Co-Lead Counsel, successfully negotiated one of the historically largest monetary class action settlements under the federal Employee Retirement Income Security Act of 1974 (ERISA). This action was pursued by Scott + Scott on behalf of numerous participants in the Royal Dutch Petroleum Company’s related retirement plans. Scott + Scott pursued the action at the request of this class of participants, whose retirements savings were seriously jeopardized by the Company’s violations of applicable ERISA laws between December 3, 1999 and April 29, 2004 (the Class Period).
After an exhaustive investigation and review of the underlying facts and hundreds of thousands of internal corporate documents, Scott + Scott was able to avoid a protracted, expensive legal battle and recover $90 million for the participants as part of the settlement with the Company. The settlement represents one of the largest settlements in ERISA history and signaled a significant recovery for the class of plaintiffs.
On a broader scale, this impressive settlement will serve as a deterrent to future ERISA violations by retirement plan fiduciaries. Moreover, as a further benefit to the Royal Dutch/Shell employees, the settlement has led to the creation of new and improved monitoring and training procedures for its retirement plan fiduciaries. Such a resonating and far-reaching impact demonstrates the significance of this ERISA settlement.