Norway Fund Says Will Seek to Join Class Action Against VW
(Bloomberg) -- 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 says in an e-mailed statement.
- Says “it is the board’s responsibility to ensure accurate and timely information is disclosed to the shareholders”
- Says Volkswagen “informed the public about the incorrect emissions data after U.S. authorities released a notice of violation letter”
- Says “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”
- NOTE: Norway’s fund owns 1.64% of Volkswagen, according to data compiled by Bloomberg
Alert:
HALISTERSource: BFW (Bloomberg First Word)
Tickers 1037Z NO (Norges Bank)
VOW GR (Volkswagen AG)
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