Deutsche Bank's DWS Fined $27 Million in German Greenwashing Probe

Dow Jones04-02

By Adria Calatayud and Matthias Goldschmidt

Deutsche Bank's asset-management arm DWS Group agreed to pay 25 million euros ($27 million) to settle an investigation by German prosecutors into allegations of greenwashing--the practice of overstating the commitment toward sustainability goals.

The Frankfurt Public Prosecutor's office said Wednesday that the business advertised products with environmental, social and governance, or ESG, characteristics that overstated its practices. This occurred from mid-2020 to the end of January 2023, the prosecutor's office said.

DWS said it accepted the fine, which will have no impact on its results as it is covered by existing provisions, and that it cooperated with the investigation.

"In recent years, we have already publicly acknowledged that in the past our marketing was sometimes exuberant. We have already improved our internal documentation and control processes, and we continue to do so," DWS said.

The German fine follows a $19 million settlement DWS reached with the U.S. Securities and Exchange Commission in 2023, in one of the first cases that questioned ESG claims by money managers.

Write to Adria Calatayud at adria.calatayud@wsj.com and Matthias Goldschmidt at matthias.goldschmidt@wsj.com

(END) Dow Jones Newswires

April 02, 2025 05:31 ET (09:31 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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