Norwegian fund to sue Volkswagen over emissions scandal

Norway’s $850bn sovereign oil fund Norges Bank Investment Management, was expected, in the coming weeks, to file a class-action lawsuit against Volkswagen in German courts.

Volkswagen had admitted last year that it had used sophisticated secret software in its cars to cheat exhaust emissions tests.

Norway’s wealth fund said that Volkswagen’s actions had contributed to a loss of NOK 4.9bn in the fund’s portfolio during the second quarter of 2015.

Previously, Volkswagen reached a nearly $10 billion deal with the U.S. government in April 2016, 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 had also recently demanded that U.S. oil companies, such as Exxon Mobil and Chevron, should 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.

Source: Reuters

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