GLOBAL: The 187bn Stichting Pensioenfonds ABP (ABP) action against has been met with defiance from two of the three key defendants Shell and KPMG who claimed they will strongly defend their cases.
The response comes after ABP yesterday announced it had initiated its own suit against Royal Dutch/Shell for damages in relation to the “mis-estimation of its oil reserves”.
The funds have claimed they suffered significant losses in connection with their purchases of Shell’s shares that were traded in the US and Europe
The damages being claimed by ABP are provisionally estimated to reach US$150m.
Together with Shell, ABP are suing PwC and KPMG in order to recover damages sustained in connection with “defendants’ fraudulent and/or negligent material misrepresentations regarding the financial position of the companies.”
Shell Petroleum NV (SPNV), a subsidiary of Royal Dutch Shell said it contested the claim and “will vigourously defend itself against the action.”
According to KPMG it had not yet been formally approached with the class action, but it stressed it would “strongly defend” its case if it arrived.
PricewaterhouseCoopers yesterday admitted surprise at the news and expressed it was not aware any action had taken place. “It was completely new to us,” a spokesperson said.
ABP’s claim was submitted to the New jersey district court on 6 January 2006.
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