Accused of "greenwashing" Deutsche Bank and its DWS were raided by police
Deutsche Bank (NYSE:DB) and its asset management firm DWS have been raided by police in Frankfurt, allegedly in connection with allegations of "greenwashing" at DWS. The incident adds to the legal issues facing Deutsche Bank.
Shares of both DWS and Deutsche Bank fell on the news. At press time, Deutsche Bank was down 1.16% premarket at $11.12.
DWS is facing regulatory investigations in the U.S. and Germany after former DWS chief sustainability officer Desiree Fixler publicly accused the company of "greenwashing" last year. Fixler noted that DWS's claim that the hundreds of billions of assets under management were "ESG-integrated" was misleading because its label did not translate into substantial action by the fund managers involved. DWS has since stopped using the label.
The Frankfurt prosecutor's office said it began investigating the allegations about DWS in January. It has since found numerous indications that ESG factors actually played a role in only a handful of the firm's investments, contrary to statements in DWS's fund sales prospectus.
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