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FTSE Russell suspends Volkswagen from FTSE4Good index series

Published 12/08/2015, 08:07 AM
Updated 12/08/2015, 08:10 AM
© Reuters. A logo of Volkswagen is seen on a Golf car parked at a dealership in Seoul
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LONDON (Reuters) - Index provider FTSE Russell said on Tuesday it was suspending carmaker Volkswagen (DE:VOWG_p) from its FTSE4Good index series because of an ongoing scandal over the firm's cheating in diesel emissions tests.

The FTSE4Good index only includes companies which meet certain environmental, social and governance criteria.

"The company is deemed to have misled government agencies and consumers over vehicle emissions through the application of software designed to circumvent test requirements," FTSE Russell said in a statement.

"The suspension follows an assessment of Volkswagen through FTSE's Controversy Monitor which considers the significance of crises or controversies; how the company has responded; and the extent to which it impacts wider industry."

© Reuters. A logo of Volkswagen is seen on a Golf car parked at a dealership in Seoul

The index provider said companies suspended are not eligible for reinclusion for at least two years. Suspension takes effect on Dec. 21, 2015.

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