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Europe

Norway's oil fund to sue Volkswagen over emissions scandal

Associated Press
Published | Updated

STOCKHOLM – Norway's $850 billion oil fund plans to sue Volkswagen over the company's emissions-cheating scandal.

Officials from the sovereign wealth fund on Monday confirmed a report in the Financial Times saying it will join a class-action lawsuit in Germany in coming weeks.

Fund spokeswoman Marthe Skaar said in an email that "we have been advised by our lawyers that the company's conduct gives rise to legal claims under German law."

FT said the Norwegian fund is the biggest investor not to hold a seat on the Volkswagen board, with a 1.64-percent stake worth about $750 million at the end of last year.

Volkswagen last year admitted it had installed illegal software on its diesel vehicles to cheat emissions tests.