Sunday, May 15, 2016

Volkswagen AG: Norwegian State Fund prepares suit against VW ago – ZEIT ONLINE

The Norwegian state fund is preparing for losses in the course of the exhaust scandal before a lawsuit against the Volkswagen group. A spokeswoman told, lawyers have advised the world’s biggest sovereign wealth funds to take this step. As an investor, the Fund is responsible for securing its interests in Volkswagen. The Group is already run numerous lawsuits from shareholders or car owners.

The spokeswoman confirming a corresponding report from the Financial Times (FT) . The newspaper had reported that the funds would join in the next few weeks one of the class actions against Volkswagen in Germany. “Our attorneys have suggested to us that the company’s behavior prompted claims under German law are,” said the chief investor in the fund of FT .

The Fund is 850 billion dollars the money comes mainly from the revenues of the oil and gas business. Norway holds over the world fund shares in about 9,000 companies. According to the Financial Services Bloomberg the Fund with 1.64 percent of the capital is the fourth largest shareholder in Volkswagen. The Fund had stated in October that he had to accept losses also because of losses in VW shares.

Volkswagen had given in September following an investigation in the United States of manipulating the emission values ​​for environmental testing of diesel vehicles. The forbidden software causes in the car that in testing a lower pollutant emission is measured as it is generated during normal operation. Because of the scandal, the group went in 2015 the biggest loss in its history a.


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