BERLIN -- 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.”
DWS said in a statement that it is cooperating with “all relevant regulatory authorities” on the issue, dpa reported.
