The oil fund, the company’s fourth-largest shareholder, is estimated to have suffered losses amounting to hundreds of millions of dollars on its stake since last autumn and is seeking compensation for this damage. It plans to take legal action against VW in German courts by seeking to join one of the class-action suits being prepared there.

‘Gives rise to legal claims’

Petter Johnsen, chief investment officer for equity strategies at Norges Bank Investment Management, the manager of the oil fund, commented: ‘We have been advised by our lawyers that the company’s conduct gives rise to legal claims under German law.’

A raft of lawsuits

The lawsuit, expected to be filed in the coming weeks, is the latest in a flood of legal actions to have hit VW since the company admitted last year that it had installed secret software to cheat US emissions tests. It also faces action from US Department of Justice, the Federal Trade Commission and its own dealers, among others.