Norway is gearing up for a legal fight, and its sights are set on a troubled automaker from Germany.
The country’s sovereign wealth fund, built from oil and gas revenues and assorted investments, plans to file a class-action lawsuit targeting Volkswagen over its diesel emissions scandal, Reuters reports.
The legal action, one of many against the embattled automaker, will take place on German soil at an unspecified date.
“We have been advised by our lawyers that the company’s conduct gives rise to legal claims under German law,” fund spokesperson Marthe Skaar told Reuters. “As an investor, it is our responsibility to safeguard the fund’s holding in Volkswagen.”
The scandal surrounding Volkswagen’s use of a “defeat device” to cheat on emissions testing led to a plunge in the company’s share value. That, in turn, erased 4.9 billion Norwegian krone ($601.4 million) from the $850 billion sovereign wealth fund, money it now wants back.
Volkswagen recently set aside $18.2 billion and slashed its dividend to deal with the financial fallout of the scandal, half of which will be spent on its U.S. troubles, including the buyback (or fixing) of nearly half a million 2.0-liter TDI models.
The remaining 3.0-liter diesel V6 vehicles should be able to stay on the road after receiving a software fix, and possibly a catalytic converter replacement.
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