[THE INVESTOR] South Korea’s National Pension Service, the world’s third-largest pension fund by assets, has filed a damage suit against Volkswagen in a German court over the auto giant’s emissions scandal, it said on Sept. 30.
“We joined a class action suit against Volkswagen as we saw huge losses from equity investments in Volkswagen due to the diesel-emissions manipulation,” an NPS official said.
NPS, which held 26.7 billion won (US$24.17 million) worth of preferred shares in Volkswagen as of the end of 2015, accused the automaker of providing “incorrect information” to investors.
![](//res.heraldm.com/content/image/2016/09/30/20160930000556_0.jpg)
After the emission rigging scandal erupted in September 2015, Volkswagen’s share price has been on a freefall and is still struggling to recover.
The pension fund said it is discussing the level of reimbursement with other parties participating in the collective lawsuit.
Volkswagen faces a combined 8.2 billion euros (US$9.20 billion) in damages claims from investors over its emissions scandal in the legal district where the carmaker is based, a German court said last week.
By Park Han-na (hnpark@heraldcorp.com)
“We joined a class action suit against Volkswagen as we saw huge losses from equity investments in Volkswagen due to the diesel-emissions manipulation,” an NPS official said.
NPS, which held 26.7 billion won (US$24.17 million) worth of preferred shares in Volkswagen as of the end of 2015, accused the automaker of providing “incorrect information” to investors.
![](http://res.heraldm.com/content/image/2016/09/30/20160930000556_0.jpg)
After the emission rigging scandal erupted in September 2015, Volkswagen’s share price has been on a freefall and is still struggling to recover.
The pension fund said it is discussing the level of reimbursement with other parties participating in the collective lawsuit.
Volkswagen faces a combined 8.2 billion euros (US$9.20 billion) in damages claims from investors over its emissions scandal in the legal district where the carmaker is based, a German court said last week.
By Park Han-na (hnpark@heraldcorp.com)