Norway's sovereign wealth fund plans to join the class-action lawsuits filed in German courts against Volkswagen over the carmaker's emissions scandal.
Norway’s sovereign wealth fund plans to join the class-action lawsuits filed in German courts against Volkswagen over its emissions scandal.
The fund – which is the world’s largest – owns around 1.6 percent of the carmaker’s stock.
It said it has been advised by lawyers that it can make legal claims under German law for VW using sophisticated secret computer software in its diesel cars to cheat exhaust emissions tests.
It has calculated that the scandal at VW had contributed to a loss to the fund of 4.9 billion krone (530 million euros) in just one quarter.
Norway’s wealth fund – which is worth around 728 billion euros – also recently started putting pressure 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 energy producers worldwide.
Norway's sovereign wealth fund joins pension funds on climate-risk reporting at Exxon Mobil https://t.co/Wkv9TGC1IR
— Klaus Mohn (@Mohnitor) May 6, 2016