South Korea's National Pension Service (NPS), the world's third-largest pension fund by assets, said on Thursday it has filed a suit against Volkswagen in a German court over the automaker's emissions scandal.
South Korea’s National Pension Service (NPS), the world’s third-largest pension fund by assets, said on Thursday it has filed a suit against Volkswagen in a German court over the automaker’s emissions scandal.
The fund is joining a raft of investors suing the German automaker, which admitted last year to selling 11 million diesel vehicles worldwide with rigged emissions systems, sending its shares plunging.
NPS, which held 26.7 billion won ($24.30 million) worth of preferred shares in Volkswagen as of the end of 2015, has made a damages claim, accusing the automaker of providing “incorrect information” to investors, an NPS spokeswoman said.
A spokeswoman at Volkswagen’s South Korean unit had no immediate comment when asked about the lawsuit.
Volkswagen faces a combined 8.2 billion euros ($9.1 billion) in damages claims from investors over its emissions scandal in the legal district where the car maker is based, a German court said last week.
About 1,400 lawsuits have been lodged at the regional court in Braunschweig near Volkswagen’s Wolfsburg headquarters, the court said.