Mexican Media Brands
Norway Fund Plans Lawsuit Over VW Diesel Scandal
Norway’s sovereign wealth fund intends to join others in suing Volkswagen AG for falsifying diesel emission data, the Financial Times reports.
#legal
Share
Norway’s sovereign wealth fund intends to join others in suing Volkswagen AG for falsifying diesel emission data, the Financial Times reports.
The €752 billion ($850 billion) Norges Bank Investment Management says its lawyers believe VW’s conduct “gives rise to legal claims under German law.” The oil fund, which has stakes in more than 9,000 companies, own 1.6% of VW worth about €250 million ($283 million).
FT notes that the Norwegian fund also has complained of a conflict of interest in VW policies that appears to benefit the company’s controlling Piech and Porsche families “at the expense of Volkswagen and its non-controlling owners.”
The fund began discussions with VW eight years ago about increasing board independence, but it tells FT it has made zero progress to date. The newspaper notes that eight of the 10 shareholders on the VW board represent the Piech/Porsche families (50.7% ownership), the State of Lower Saxony (20%) and Qatar Holding (17%).
RELATED CONTENT
-
On Traffic Jams, Vehicle Size, Building EVs and more
From building electric vehicles—and training to do so—to considering traffic and its implication on drivers and vehicle size—there are plenty of considerations for people and their utilization of technology in the industry.
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
Revolutionary Hydrogen Storage Tank Design Could Propel H2 Deployment
Rather than storing hydrogen in a large cylindrical tank, Noble Gas has developed a conformal system
