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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.
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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%).
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