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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Ethical/Green Investments

Norway sovereign wealth fund will seek to join class action against Volkswagen

Posted on 17 May 2016

Norway’s $850 billion sovereign wealth fund will seek to join a class-action lawsuit in Germany against Volkswagen following revelations the carmaker rigged the exhaust systems of 11 million diesel-powered cars worldwide to pass official emissions tests.
Norges Bank Investment Management “intends to join a legal action against Volkswagen arising out of that the company provided incorrect emissions data,” spokeswoman Marthe Skaar said in an e-mailed statement. NBIM manages the assets of Government Pension Fund Global, Oslo, which according to data compiled by Bloomberg owns 1.64% of Volkswagen. NBIM said it’s acting “to safeguard” the sovereign wealth fund’s holdings in the carmaker……………………………………….Full Article: Source


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