The Oil Fund is joining the Volkswagen lawsuits

Oil FundOil.Photo:

The Oil Fund  is joining the lawsuit against Volkswagen after the disclosure of manufacturer’s vehicle emissions trickery,  Financial Times reports.

We have been advised by  our lawyers that the behavior of the company allows for making legal claims under German law. As an investor, it is our responsibility to safeguard the fund’s stake in Volkswagen, investment director Petter Johnsen at Norges Bank Investment Management said.
The German automaker is already facing a number of lawsuits from shareholders who are demanding compensation for the sharp price drop the scandal has led to.VW has also been sued by vehicle owners.
The industrial giant have  16.2 billion euros (about 150 billion) set aside to cover possible fines, lawsuits and costs to recall the cars. Last year VW had to enter its first losses since 1993.

Source: NTB scanpix / Norway Today