DWS Fined €25 Million for Greenwashing by Frankfurt Prosecutor
The Deutsche Bank subsidiary has accepted the penalty, acknowledged past marketing exaggerations, and emphasized ongoing reforms to improve transparency.
- The Frankfurt prosecutor's office concluded its investigation into DWS, imposing a €25 million fine for overstating the sustainability of its ESG financial products.
- DWS admitted that its marketing between mid-2020 and January 2023 was 'partially exaggerated,' including claims of being a market leader in sustainable investments.
- The company has stated that it has improved its internal documentation and control processes to address past shortcomings and enhance accountability.
- This follows a similar $25 million fine imposed by the U.S. SEC in 2023 for misleading ESG-related claims.
- Environmental and consumer advocacy groups, including Greenpeace, have welcomed the fine as a warning to the financial industry about the consequences of consumer deception.
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