Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 Defined Contribution East
    • 2023 ESG Investing
Breadcrumb
  1. Home
  2. COURTS
May 16, 2016 01:00 AM

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

Bloomberg
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Bloomberg

    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.

    “It's the board's responsibility to ensure accurate and timely information is disclosed to the shareholders,” Ms. Skaar said. “Volkswagen informed the public about the incorrect emissions data after U.S. authorities released a notice of violation letter.”

    Volkswagen, based in Wolfsburg, Germany, acknowledged last year that it had manipulated diesel engines with a “defeat device” so emission controls switched on only during pollution tests. The scandal has led to the departure of top managers and the biggest loss in the company's history. It has set aside €16.2 billion ($18.3 billion) so far to help cover the costs of the deception, and cut its annual dividend 97%.

    VW declined to comment on the Norway fund's intentions. The company has defended its disclosure practices, saying it acted on information available at the time and that the full scope of the crisis wasn't evident until after U.S. regulators' notice of violation in September.

    Plaintiffs from more than a dozen countries sued Volkswagen in Braunschweig, Germany, in March. They included the $290.4 billion California Public Employees' Retirement System, Sacramento. VW's preferred shares, its most widely traded security, fell 20% from Sept. 18 through May 13.

    TCI Fund Management, an activist investor, this month sent a letter to the automaker's board, criticizing the company for what it deems excessive pay in light of poor stock performance even before the emissions scandal emerged.

    Related Articles
    Volkswagen's stock drops 29.4% in 2 days following emissions controversy
    VW might be dropped by Swedish state pension funds
    Investors fuming mad at VW after diesel cheating revelation
    Volkswagen sued by 278 institutional investors, including CalPERS
    State-Boston Retirement sues banks over agency-bond rigging claims
    Equity and bondholders file lawsuits against Volkswagen in U.S., Germany
    VW suit maps out new route in U.S. courts
    Norway's sovereign wealth fund returns 1.3% in quarter; real estate holdings hu…
    Norges Bank excludes a further 15 bond issues for coal exposure
    Pension funds' Volkswagen lawsuit may proceed in U.S., court rules
    Federal judge rules CalSTRS can obtain discovery documents in Volkswagen lawsuit
    Recommended for You
    Eli_Lilly_logo_i.jpg
    Federal judge dismisses ERISA complaint against Eli Lilly
    Trader Joes_i.jpg
    Plaintiffs bag ERISA lawsuit against Trader Joe's
    gavel_scales_lawbook_1550-main_i.jpg
    Aegis Media request to dismiss ERISA lawsuit rejected
    The Institutional Investor's Guide to ESG Investing
    Sponsored Content: The Institutional Investor's Guide to ESG Investing

    Reader Poll

    January 25, 2023
    SEE MORE POLLS >
    Sponsored
    White Papers
    Show Me the Income: Discovering plan sponsor and participant preferences for cr…
    Morningstar Indexes' Annual ESG Risk/Return Analysis
    The Future of Infrastructure: Building a Better Tomorrow
    Outlook 2023: Opportunity in a volatile world
    Research for Institutional Money Management
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Defined Contribution East
      • 2023 ESG Investing