Dws Fined 25 Million In Germany For 'greenwashing' Claims

German prosecutors have penalised asset management giant DWS, a subsidiary of Deutsche Bank , with a 25 million 27 million fine for greenwashing.

The penalty stems from misleading advertising regarding the sustainability of some of its financial products.

Frankfurt prosecutors stated that DWSs public claims, such as asserting leadership in ESG environmental, social, and governance and declaring ESG as integral to its core identity, did not accurately reflect the companys practices.

DWS has accepted the fine, acknowledging that its past marketing efforts were sometimes exuberant.

The company has been under scrutiny since a senior executive raised greenwashing allegations several years ago. This controversy led to raids on DWSs offices and the resignation of its CEO in 2022.