Royal Dutch/Shell Fined $120 Million
A $120-million fine levied on Royal Dutch/Shell Group by the Securities and Exchange Commission resolves the company’s part in the agency’s inquiry into the overstatement of oil and gas reserves, but the role of individuals is still under investigation, regulators said.
The SEC and the Anglo-Dutch oil giant announced that the settlement, which the company agreed to in principle last month, has been made formal. The world’s third-largest publicly traded oil company also agreed to spend $5 million on an internal compliance program.
Royal Dutch/Shell neither admitted to nor denied wrongdoing in the settlement but did agree to refrain from future violations of securities laws.
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