Deutsche Bank, DWS Offices Raided In Frankfurt Over Greenwashing Allegations: Reports

German regulators and authorities raided the offices of Deutsche Bank AG (DB) and its asset-management subsidiary DWS Group in Frankfurt over a probe into greenwashing allegations at DWS. The raid was conducted by about 50 officials, including public prosecutors, federal police and officials from the German financial regulator, BaFin.

The raid was conducted as part of the probe over investment fraud allegations. It is alleged that DWS was marketing investment products as much greener than they really were. The environmental, social and governance (ESG) standards were not maintained in some of the products to the level they were mentioned in the sales prospectus.

Financial institutions strive hard to market products that are in line with the global climate targets as such ESG standard products have become a major asset class and are quite popular with investors.

Deutsche Bank has confirmed the raids and reportedly said they were fully cooperating with the probe and will continue to do so.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Longmont Colorado -based Royal Crest Dairy is recalling 2% Chocolate Milk citing the potential to be contaminated with undeclared egg, a known allergen, the U.S. Food and Drug Administration said. The recall involves Farmer's 2% Reduced Fat Chocolate Milk Pints with the code date of AUG-22. ANI Pharmaceuticals, Inc. (ANIP) Monday announced a wider loss for the second quarter, despite a 52 percent surge in revenues. For the full year 2022, the company reiterated the adjusted earnings per share range, revenue guidance and raised Cortrophin revenue outlook. The company reported a quarterly... Shares of BioNTech SE were losing around 4 percent in the morning trading in Germany and around 5 percent in the pre-market activity on Nasdaq after the German Covid-19 vaccine maker reported sharp drop in profit and revenues for the second quarter. However, the company recorded strong growth in first-half results. Further, the company maintained BioNTech COVID-19 vaccine revenue guidance
Follow RTT