World News | Deutsche Bank, Subsidiary Raided over 'greenwashing' Claims
Get latest articles and stories on World at LatestLY. 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.
Berlin, May 31 (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.
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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.
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“DWS said that they have continuously cooperated fully with all relevant regulators and authorities on this matter and will continue to do so.” (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)