AP Business

Deutsche Bank, subsidiary raided over ‘greenwashing’ claims

BERLIN (AP) — Authorities in Germany raided the offices of Deutsche Bank and its subsidiary DWS on Tuesday following claims that it was exaggerating the sustainable credentials of some of the products it sold.

German news agency dpa quoted Frankfurt prosecutors saying the probe focused on allegations of investment fraud, but no specific suspects had been identified yet.

A former manager in charge of sustainability at DWS has claimed that the asset management firm exaggerated the environmental and climate credentials of certain funds — referred to as “greenwashing.”

“The measures of the Public Prosecutors are directed against unknown people in connection with greenwashing allegations against DWS,” Deutsche Bank said in a statement.

“DWS said that they have continuously cooperated fully with all relevant regulators and authorities on this matter and will continue to do so.”