VW to face wealth fund action
- May 16, 2016
- Posted by: Simon Wait
- Category: Industry News
Norway’s $850bn sovereign wealth fund, the world’s largest, plans legal action against Volkswagen over the vehicle manufacturer’s emissions scandal.
Norges Bank Investment Management, is one of VW’s biggest investors and has stakes in more than 9,000 companies. It said it had been advised by its lawyers that the company’s conduct ‘gives rise to legal claims under German law’.
According to the Financial Times, which first reported the story, the lawsuit is expected in the coming weeks. It will be filed in Germany, joining class-action cases which are being prepared there.
Volkswagen admitted last year that it had installed secret software to cheat US emissions tests. The move is the latest in a line of legal actions over the scandal. VW has put aside some €16.2bn to pay for the repercussions.