Date
28 March 2017
Volkswagen is facing legal action from Norway's sovereign wealth fund after the latter suffered losses on its investments in the wake of the emissions scandal at the automaker. Photo: Bloomberg
Volkswagen is facing legal action from Norway's sovereign wealth fund after the latter suffered losses on its investments in the wake of the emissions scandal at the automaker. Photo: Bloomberg

VW to be sued by Norway fund over emissions scandal

Norway’s sovereign wealth fund said on Sunday that it plans to join class-action lawsuits filed against Volkswagen AG over the emissions scandal at the German automaker.

“Norges Bank Investment Management intends to join a legal action against Volkswagen… [over] the incorrect emissions data,” a spokeswoman for the fund told Reuters in an emailed statement.

“We have been advised by our lawyers that the company’s conduct gives rise to legal claims under German law. As an investor, it is our responsibility to safeguard the fund’s holding in Volkswagen,” the spokeswoman said.

The legal action will take place in Germany, according to the report.

Norway’s wealth fund, the world’s largest, said last year that Volkswagen’s actions had contributed to a loss of 4.9 billion crowns in the fund’s second quarter.

The carmaker reached a nearly US$10 billion deal with the US government last month to buy back or fix about a half million of its diesel cars and set up environmental and consumer compensation funds.

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RC

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