BlackRock and a group of institutional shareholders, including Norway’s Oil Fund and the California State Teachers’ Retirement System, are to sue Volkswagen for £1.7bn in relation to the company’s emissions scandal and subsequent fall in share price. The lawsuit is expected to be filed on Tuesday at London’s High Court by lawyers acting for the pension funds as well as investors who bought shares after Volkswagen’s Blackrock, one of the world's largest asset managers, said: "On behalf of their investors, a number of Blackrock-managed collective investment schemes are pursuing, alongside other institutional investors, legal action against Volkswagen AG in connection with Volkswagen's failure to disclose to investors its use of 'defeat devices' that manipulated emission tests. " admission that it had cheated diesel emission
BlackRock and a group of institutional shareholders, including Norway’s Oil Fund and the California State Teachers’ Retirement System, are to sue Volkswagen for £1.7bn in relation to the company’s emissions scandal and subsequent fall in share price. The lawsuit is expected to be filed on Tuesday at London’s High Court by lawyers acting for the pension funds as well as investors who bought shares after Volkswagen’s admission that it had cheated diesel emission