Deutsche Bank, DWS Raided by German Police in 'Greenwashing' Probe
The raid follows a whistleblower's allegation that DWS—majority-owned by Deutsche Bank—made misleading environmental claims in its 2020 annual report.
The Frankfurt public prosecutors' office said in a statement that the raid—which reportedly involved around 50 law enforcement officials—was "triggered by reports in the international and national media that the asset manager DWS, when marketing so-called 'green financial products,' had sold these financial products as 'greener' or 'more sustainable' than they actually were."
"After examination, sufficient factual evidence has emerged that, contrary to the statements made in the sales prospectuses of DWS funds, [environmental, social, and governance factors] were not taken into account at all in a large number of investments," the statement continued.