US Edition
Deutsche Bank’s asset manager fined €25mn over greenwashing scandal
- DWS, Deutsche Bank’s asset manager, was fined €25 million by Frankfurt prosecutors for misleading investors between 2020 and 2023.
- The fine followed investigations triggered by a whistleblower complaint from ex-chief sustainability officer Desiree Fixler in 2021.
- DWS advertised financial products with ESG characteristics, but prosecutors found discrepancies in external communications about its ESG integration.
- DWS had also agreed to pay $19 million in 2023 to settle charges with US regulators regarding misleading green statements.
- The 'greenwashing' scandal led to office raids, a drop in share price, and the replacement of CEO Asoka Woehrmann with Stefan Hoops.
51 Articles
51 Articles
What if greenwashing was the new corporate bribery? More than a marketing exaggeration, it is a strategy that seeks to gain advantages by cheating on real commitment to sustainability. What was once tolerated as a green discourse today is exposed as a serious ethical distortion, with growing legal and reputational consequences.A few days ago it was known that DWS, Deutsche Bank's asset manager, will pay a fine of 25 million euros after an invest…
Deutsche Bank's subsidiary DWS has exaggerated its commitment to sustainability. For this purpose, the public prosecutor's office in Frankfurt has now imposed a penalty of 25 million euros. The investigators also took up a report by NDR, WDR and SZ.
The public prosecutor's office in Frankfurt am Main has imposed a fine of 25 million euros on Deutsche Bank's subsidiary DWS for Greenwashing.
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Deutsche Bank asset manager DWS fined 25 mn euros for 'greenwashing'
Deutsche Bank's asset management arm DWS was hit Wednesday with a 25-million-euro ($27-million) fine over misleading advertising for supposedly sustainable products, with activists hailing one of the world's biggest ever "greenwashing" penalties.
Deutsche Bank's subsidiary DWS has sold funds as sustainable, although they were not. After a million-dollar sentence in the USA, the Frankfurt Public Prosecutor's Office now imposes a high sentence. The asset manager already has problems again.
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