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Ex-Shell US Oil Trading Boss Claims He’s Owed $29 Million Bonus

Shell Plc’s former head of oil buying and selling within the US was stiffed on his 2020 bonus by greater than $29 million, he claims in a lawsuit that shines a light-weight on compensation contained in the oil main’s profitable buying and selling unit.
John Dimech alleges that though his unit’s income doubled in 2020, his bonus for that yr was little modified after Shell unexpectedly modified pay calculations, in line with the lawsuit in federal courtroom in Texas. If Shell had adhered to its established formulation for calculating bonuses, Dimech claims he would have obtained about $40 million. However he solely received about $11 million as an alternative.
Shell doesn’t disclose the efficiency of its buying and selling unit to traders. Based on Dimech, the North America crude group boosted revenue from already-record ranges as companies shut and other people hunkered down at house through the onset of the pandemic.
“Shell has a aggressive pay and advantages program, benchmarked throughout the vitality business,” a spokesperson for the London-based firm mentioned, declining to remark additional on the continuing litigation.
The lawsuit was filed after an inside arbitration and makes an attempt to barter didn’t bear fruit, in line with the grievance in federal courtroom in Houston. Shell is searching for to switch the case to a courtroom within the UK.
Dimech, who had been primarily based in Houston and left the corporate in 2021 for his house nation of Australia, didn’t return messages searching for additional remark.
Dimech labored for Shell for 30 years, together with greater than 20 years within the buying and selling unit, in line with the lawsuit filed in January. On the time referenced within the lawsuit, he was president of Shell’s buying and selling arm within the US and normal supervisor of North America crude buying and selling.
Whereas it’s unclear how a lot cash the North American crude buying and selling group made in 2020, Shell’s buying and selling income common near $1 billion, Dimech mentioned in separate courtroom paperwork.
He argues that Shell executives repeatedly reassured him all through 2020 that the business bonus program, a significant factor of merchants’ compensation package deal, wouldn’t be modified regardless of the extraordinary circumstances posed by the pandemic. Oil costs plunged into unfavorable territory amid the lockdowns earlier than rapidly rebounding, with the unstable swing offering merchants alternative to guide vital income.
Regardless of the assurances, Shell modified the bonus calculations, leading to a $29.4 million shortfall in his payout, he claims. Shell’s chief government officer on the time, Ben van Beurden, had whole compensation of 5.84 million euros ($6.74 million) for that yr and didn’t obtain a bonus, in line with knowledge compiled by Bloomberg. Shell reported a $21.7 billion loss that yr, primarily attributable to impairments and writedowns.
Dimech ran the buying and selling unit’s bonus program for about 15 years and was liable for calculating the payout for the business groups that included 80 workers in North America and 18 in Singapore, in line with the swimsuit. A suggestion from normal managers akin to Dimech is step one in a prolonged course of, and the payouts are in the end permitted by the corporate’s bonus oversight committee, in line with separate courtroom paperwork.
In previous courtroom filings, Shell has mentioned bonuses are awarded on the firm’s sole discretion. The oil main additionally has mentioned payouts are primarily based on efficiency, not as a proportion of the worth of income accrued through the yr.
Copyright 2025 Bloomberg.
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House Swept Away as Flash Flooding Hits Mountain Village in New Mexico

A minimum of three individuals had been lacking in a mountain village in southern New Mexico that may be a well-liked summer season retreat after monsoon rains triggered flash flooding Tuesday that was so intense a whole home was swept downstream.
Emergency crews carried out a minimum of 85 swift water rescues within the Ruidoso space, together with of people that had been trapped of their properties and vehicles, stated Danielle Silva of the New Mexico Division of Homeland Safety and Emergency Administration.
No deaths had been instantly reported, however three individuals had been taken to the hospital and had been in secure situation, in accordance with Kerry Gladden, public info officer for Ruidoso.
The water had receded by Tuesday evening and search and rescue and swift water rescue groups had been scouring the city for the lacking individuals, whereas public works crews cleared particles from the roadways. Some vehicles had been left stranded within the mud.
Two Nationwide Guard rescue groups and a number of other native groups already had been within the space when the flooding started, Silva stated, and extra Guard groups had been anticipated.
The floods got here simply days after flash floods in Texas killed over 100 individuals and left greater than 160 individuals lacking.
In New Mexico, officers urged residents to hunt increased floor Tuesday afternoon because the waters of the Rio Ruidoso rose practically 19 toes (2.7 meters) in a matter of minutes amid heavy rainfall. The Nationwide Climate Service issued flood warnings within the space, which was stripped of vegetation by current wildfires.
A climate service flood gauge and companion video digicam confirmed churning waters of the Rio Ruidoso surge over the river’s banks into surrounding forest. Streets and bridges had been closed in response.
Kaitlyn Carpenter, an artist in Ruidoso, was driving her motorbike by means of city Tuesday afternoon when the storm began to select up, and he or she sought shelter on the riverside Downshift Brewing Firm with about 50 different individuals. She began to movie particles dashing down the Rio Ruidoso when she noticed a home float by with a well-known turquoise door. It belonged to the household of one in all her greatest buddies.
Her pal’s household was not in the home and is protected, she stated.
“I’ve been in that home and have reminiscences in that home, so seeing it come down the river was simply fairly heartbreaking,” Carpenter stated. “I simply couldn’t imagine it.”
Throughout a radio handle Tuesday evening, Ruidoso Mayor Lynn D. Crawford inspired residents to name an emergency line if their family members or neighbors had been lacking. He additionally stated there have been experiences of useless horses close to the city’s horse racing observe
“We knew that we had been going to have floods … and this one hit us more durable than what we had been anticipating,” Ruidoso Mayor Lynn D. Crawford stated.
The realm has been particularly weak to flooding for the reason that summer season of 2024, when the South Fork and Salt fires raced throughout tinder-dry forest and destroyed an estimated 1,400 properties and constructions. Residents had been compelled to flee a wall of flames, solely to grapple with intense flooding later that summer season.
“We all know that the water ranges gave the impression to be increased than they had been final summer season,” Silva stated. “It’s a important quantity of water flowing all through, a few of it in new areas that didn’t flood final yr.”
Matt DeMaria, a meteorologist with the Nationwide Climate Service in Albuquerque, stated storms fashioned within the early afternoon over terrain that was scorched final yr by wildfire. The burn scar was unable to soak up a variety of the rain, as water rapidly ran downhill into the river.
Preliminary measurements present the Rio Ruidoso crested at greater than 20 toes (6 meters) — a document excessive if confirmed — and was receding Tuesday night.
Three shelters opened within the Ruidoso space for individuals who couldn’t return residence.
Cory State, who works on the Downshift Brewing Firm, welcomed in dozens of residents because the river surged and hail pelted the home windows. The home floating by was “simply one of many many devastating issues about immediately,” he stated.
The sight introduced again painful reminiscences for Carpenter, whose artwork studio was swept away throughout a flood final yr. Outdoors, the air smelled of gasoline, and loud crashes could possibly be heard because the river knocked down bushes in its path.
“It’s fairly terrifying,” she stated.
Peipert reported from Denver. Related Press writers Matt Brown in Denver, Hallie Golden in Seattle, Susan Montoya Bryan in Albuquerque, New Mexico, and Hannah Schoenbaum in Salt Lake Metropolis contributed to this report.
Copyright 2025 Related Press. All rights reserved. This materials is probably not revealed, broadcast, rewritten or redistributed.
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Online Ticket Seller to Pay $85K for Violating Connecticut’s New Data Privacy Law

Connecticut Lawyer Common William Tong introduced a settlement with TicketNetwork, Inc. because of an investigation into violations of the Connecticut Information Privateness Act.
Below the settlement, TicketNetwork has agreed to adjust to the necessities of the CTDPA, keep metrics for client rights requests obtained underneath the CTDPA, present a report of those metrics, and pay $85,000.
In accordance with the announcement, the legal professional basic first despatched a CTDPA “remedy discover” to TicketNetwork on November 9, 2023— 4 months after the regulation took impact. The discover flagged alleged deficiencies within the firm’s privateness discover and gave the corporate the possibility to return into compliance with out penalty. The corporate’s privateness discover was “largely unreadable, lacking key information rights, and contained rights mechanisms that have been misconfigured or inoperable,” in accordance with officers.
Below the regulation, TicketNetwork had 60 days— till January 8, 2024— to resolve every deficiency. TicketNetwork had not resolved these deficiencies effectively past the remedy interval, in accordance with the legal professional basic.
Up to now, the legal professional basic has issued 4 separate “privateness discover sweeps” of companies consisting of greater than two dozen remedy notices in whole, all aimed toward addressing privateness discover deficiencies. In accordance with Tong, TicketNetwork is the “solely entity that repeatedly represented that they’d resolved deficiencies after they had not achieved so, and didn’t well timed reply to follow-up correspondence.” Almost all different corporations took immediate steps to return into compliance, he mentioned.
“This regulation has now been in impact for 2 years. There isn’t any excuse for continued non-compliance, and we’re ready to make use of the complete weight of our enforcement authority to guard client privateness,” mentioned Tong.
Connecticut was one of many first states to cross a complete client information privateness regulation. The CTDPA was signed into regulation on Might 10, 2022 and took impact on July 1, 2023.
The regulation provides Connecticut residents rights over their private information and establishes privateness safety requirements for companies that course of private information. Connecticut residents have the best to: entry information that corporations are holding on them; have corporations appropriate information that’s inaccurate; request that corporations delete such information; and opt-out of the processing of their private information on the market, focused promoting, or profiling. Starting January 1, 2025, companies have been required to additionally acknowledge common opt-out desire indicators indicating a client’s intent to choose out of focused promoting and gross sales of private information.
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Three Killed in Houthi Attacks on Cargo Ships, One Vessel Sinks in Red Sea

Houthi assaults on cargo ships within the Purple Sea killed three crew members, sank one vessel, and left a second with out propulsion in indicators the Tehran-backed group is as soon as once more escalating assaults within the very important commerce route.
The assaults resulted within the “tragic lack of three mariners, with many others injured and the entire lack of the MV Magic Seas and its cargo,” US State Division spokesperson Tammy Bruce stated in an announcement. The US “will proceed to take needed motion to guard freedom of navigation and industrial delivery,” she added.
Liberian-flagged MV Eternity C “has sustained important harm and has misplaced all propulsion,” the UK Maritime Commerce Operations, a liaison between the UK Navy and industrial delivery, stated on Tuesday. The Greek-owned vessel had sustained hours of assaults, together with by propelled grenades and an strategy by a number of boats, the group stated.
Learn extra: Commercial Ship Under Continuous Houthi Attack in Red Sea
Earlier, a Liberian delegation had confirmed some deaths throughout a gathering of the Worldwide Maritime Group. The Related Press additionally reported that three mariners had been killed, citing the European Union naval pressure.
The return of assaults, particularly given their severity, may as soon as once more deter extra house owners and crews in opposition to going by way of the Purple Sea, an unavoidable space when utilizing Egypt’s Suez Canal to chop between Asia and Europe, and enhance freight charges and insurance coverage prices.
The assaults — coming just some weeks after Israel’s navy confrontation with Iran however with the Gaza warfare nonetheless raging — will add to the anxieties of crews being requested to sail by way of the waterway. If the assaults worsen, the violence may enhance oil costs because it snarls provide chains.
The Eternity C, which noticed the three fatalities, was a bulk provider carrying grains to Somalia for the World Meals Programme, and was attacked after finishing the journey. The Houthis haven’t explicitly claimed duty.
The incident comes on the heels of a Sunday assault on Magic Seas, one other Liberian-flagged vessel, which was focused with missiles, rocket-propelled grenades and gunfire, the UKMTO stated. The Yemen-based Houthis, in a televised assertion, claimed duty for the assault on that vessel, an Ultramax owned by Greece’s Stem Delivery.
The Magic Seas was sinking as of 4:49 pm in Greece, in keeping with Diaplous Group officers citing data from close by ships. Twenty-two people on board have been rescued, the United Arab Emirates said.
The Houthis launched a video late Tuesday purporting to point out that the vessel had sunk.
The proprietor of Magic Seas didn’t instantly reply to requests for remark.
“These incidents spotlight the Houthis’ disregard for human life, as they proceed to take advantage of seafarers as pawns of their strategic conflicts,” stated Jakob Larsen, chief security and safety officer at BIMCO, the world’s largest direct-membership commerce group for the delivery business.
After an intense US and Israeli bombing marketing campaign on Houthi targets in Yemen earlier this yr, President Donald Trump introduced a ceasefire with the group. However the Houthis threatened to return to focusing on vessels within the Purple Sea following the US’ determination to affix an offensive by Israel on Iran’s nuclear websites.
The assault on the Eternity C occurred about about 51 nautical miles west of Yemen’s Hodeida, not removed from the place the Magic Seas was additionally struck. The Houthis stated the Magic Seas was focused as a result of it had referred to as on Israeli ports up to now.
“The fact is that this ship has referred to as in Israel a few years in the past, however so did so many others,” Stem Delivery Chief Govt Officer Michael Bodouroglou stated in an interview.
Stem Delivery stopped crusing by way of the route after the Houthis attacked the Sounion, a Greek-operated oil tanker, in August final yr, stated Bodouroglou. The corporate solely restarted after the US introduced the truce.
The Israel Protection Forces carried out airstrikes on Hodeida, Ras Issa and Al-Salif ports on the Purple Sea and an influence plant in Hodeida on Sunday, in keeping with a submit on its X account, following the assault on the Magic Seas.
Israel additionally hit the Galaxy Chief, a ship captured by the Houthis in November 2023, saying they used it to “observe worldwide vessels for terror operations.”
Larsen of BIMCO stated the assaults may enhance ship-insurance charges even when they’re much less prone to have an effect on delivery patterns.
{Photograph}: Service provider ships within the southern Purple Sea. Photograph credit score: Christopher Pike/Bloomberg
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