In April 2007, Royal Dutch Shell agreed to pay $352.6 million, plus administrative costs, to settle a securities fraud case with investors in the Netherlands, UK, Germany, France, Sweden, Denmark, Norway and Luxembourg. The case arose after Shell admitted in 2004 it had overstated its oil and gas reserves by over 20 percent from 1997 to 2003. In June 2008, it was announced that a settlement was reached with U.S. investors. The agreement includes a settlement of approximately $80 million, with Shell also paying various fees, expenses and costs. The participants in both the European and U.S. settlements will also receive an additional payment of $35 million. See related Royal Dutch Shell instances “Employee Retirement Income Security Act Class Action,” “Shareholder Derivative Lawsuit Arising Out of 2004 Reserves Recategorization,” and “Violations of Federal Securities Laws.”