Norway’s massive sovereign wealth fund has joined a lawsuit against Volkswagen, led by CalSTRS, seeking reparations for the stock price drop that followed the company’s emissions scandal.
The SWF, Government Pension Fund Global, manages about $825 billion – $10 billion of which were Volkswagen shares.
Norway’s sovereign wealth fund has joined the California State Teachers’ Retirement System (CalSTRS) and around 800 other institutional investors in suing Germany’s Volkswagen.
Norges Bank Investment Management (NBIM) issued a short statement on behalf of the Government Pension Fund Global, confirming it joined the lawsuit on 20 June, which follows last year’s revelation Volkswagen used ‘defeat device’ software to underplay the emissions of diesel vehicles.
The NOK7.1trn (€745bn) fund added that it would be represented by Quinn Emanuel Urquhart & Sullivan, which filed the suit claiming around €2bn in damages, backed by CalSTRS and others, in the Braunschweig District Court.
NBIM said in May it planned to sue Volkswagen over last year’s emissions scandal, which saw the company’s share price drop from €162.40 to as little as €92.36 at the beginning of October.