Norway’s sovereign wealth fund, the world’s largest, plans to join the class-action lawsuits filed against Volkswagen 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.
“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 admitted last year that it had used sophisticated secret software in its cars to cheat exhaust emissions tests.
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.
he car maker reached a nearly $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.
Norway’s wealth fund also recently turned up the heat on US oil companies Exxon Mobil and Chevron 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.
Article by rte.ie