Volkswagen to be sued by Norway wealth fund over emissions scandal

Norway’s sovereign wealth fund, the world’s largest, is preparing to take legal action against Volkswagen because of the automaker’s emissions scandal.

It stated it had actually been advised by lawyers that the company’s conduct triggers to legal claims under German law.

Volkswagen admitted in 2015 that it had actually set up secret software application to cheat US emissions tests.

The move, from one of Volkswagen’s biggest financiers, is the most recent in a flood of legal actions due to the scandal.

It faces action from United States Department of Justice, the Federal Trade Commission and its own dealerships.

Norges Bank Investment Management is worth $850bn and has stakes in more than 9,000 companies.

As per the Financial Times, which initially reported the story, the lawsuit is anticipated in the coming weeks. It will be submitted in Germany, joining class-action cases which are being planned there.