Norway's wealth fund to sue Volkswagen over emissions scandal
Reuters
Published May 15, 2016 04:47PM ET
Updated May 15, 2016 05:30PM ET
Norway's wealth fund to sue Volkswagen over emissions scandal
(Reuters) - Norway's sovereign wealth fund, the world's largest, said on Sunday it plans to join the class-action lawsuits filed against Volkswagen AG (DE:VOWG_p) over the German automaker's emissions scandal.
"Norges Bank Investment Management intends to join a legal action against Volkswagen arising out of that the company provided incorrect emissions data," Marthe Skaar, the fund's spokeswoman, said in a statement emailed to Reuters.
"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," Skaar added.
The legal action would take place in Germany, a separate fund spokesman told Reuters, declining to give details as to when it would happen.
The Financial Times on Sunday first reported the sovereign fund's plan to sue Volkswagen.
The $850 billion oil fund is expected in the coming weeks to join the class-action lawsuits filed against Volkswagen in German courts in the coming weeks, the newspaper said.
Volkswagen, which admitted last year that it had used sophisticated secret software in its cars to cheat exhaust emissions tests, was unavailable for comment outside regular business hours.
Norway's wealth fund 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 $10 billion deal with the U.S. government last month to buy back or fix about a half million of its diesel cars and set up environmental and consumer compensation funds.
Norway's wealth fund also recently turned up the heat on U.S. oil companies Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) to do more to report on the risks of climate change.
The fund, itself built from Norway's oil and gas wealth, had also made similar demands of oil firms worldwide.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.