VW-exhaust-scandal: the Norwegian sovereign wealth Fund plans lawsuit

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Automotive industry

VW-exhaust-scandal: the Norwegian sovereign wealth Fund plans lawsuit

Volkswagen is another of the international court of justice is threatening because of its exhaust-manipulations. The plaintiff is difficult is the fourth-largest shareholder of the automaker, and approximately 735 billion euros.

The Norwegian state Fund had already explained in October that he had suffered because of losses in the case of VW shares in connection with the exhaust-scandal losses. Therefore, lawyers would have advised the largest Fund in the world, filed a lawsuit against the Volkswagen group prepare. This is the “Financial Times” reported. As an Investor, the Fund is responsible for its shares in Volkswagen to secure, said Peter Johnsen, the Fund’s Manager, Norges Bank Investment Management of the newspaper.

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Actions of institutional and private investors

According to the financial news service Bloomberg, the Fund is a management of assets of more than 735 billion euros (3. Quarter of 2015) is the fourth-largest shareholder in Volkswagen, with 1.64 percent of the capital. Against VW, numerous lawsuits from institutional share of the already-owners, such as financial service providers and insurance companies. In mid-March, 278 shareholders filed a class-action lawsuit at the Braunschweig regional court. They are demanding a compensation of nearly 3.3 billion euros for the suffered losses. Also, private investors have already filed a complaint.

Volkswagen had given in September after investigations in the United States, in environmental tests of diesel exhaust-gas vehicles to have values manipulated. A forbidden Software in the car meant that that Tests lower pollutant emissions will be measured, as it arises in normal operation. Because of the scandal the group in 2015 drove the largest loss in its history.

fab/ww (afp, rtr)