Volkswagen faces threatened lawsuit filed by Norway’s wealth fund due to emission scandal

May 23, 2016 07:47 AM EDT | Gian Lynard


On Sunday, a Norway independent wealth fund has expressed their interest to attach with the class-action lawsuit scheduled to be filed against Volkswagen due to the scandal regarding emissions. Further, the wealth fund requested oil companies for reports regarding climate change. 

According to Reuters, Marthe Skaar, Norges Bank Investment Management spokeswoman, revealed that the bank has been motivated to be included in the group that will file legal action against Volkswagen. The company has been in hot waters due to the scandal that Volkswagen provided incorrect emissions data.

She added that "We have been advised by our lawyers that the company's conduct gives rise to legal claims under German law. As an investor, it is our responsibility to safeguard the fund's holding in Volkswagen."

Yahoo published that as disclosed by another spokesperson for the company, the lawsuit is set to be filed in Germany but additional information remained kept. Meanwhile, Volkswagen seemed unable to comment even though for inside and outside of business hours. The company has been stirred with lots of controversies after they've admitted guilty last year to using another clandestine software in the cars they've manufactured that concludes to their actions of cheating exhaust emissions tests.

Norges Bank Investment Management already said that last year too, due to the negligence in actions of Volkswagen, it amassed a loss of atleast $4.9 billion in just the second quarter of the wealth fund. Volkswagen already made a deal with U.S. government just last month that amounts to $10 billion. The deal is to compensate by buying or fixing the 500,000 units of diesel cars while a part of it was included in the environmental and consumer reimbursements.

It is notable that the company has already asked other U.S. oil companies such as Exxon Mobil and Chevron to do a substantial reports on the effects of their company in the ongoing climate change. Further, the fund also made the same requests to international oil firms.

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