The world’s largest sovereign wealth fund is planning to sue Volkswagen in a rare legal action from Norway’s $850bn oil fund that underscores investor anger over the emissions scandal at the German carmaker.
The oil fund, the carmaker’s fourth-largest shareholder, told the Financial Times that it would take legal action against VW in German courts by seeking to join one of the class-action suits being prepared there.
“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,” said Petter Johnsen, chief investment officer for equity strategies at Norges Bank Investment Management, the manager of the oil fund.