DWS has been fined $27 million for greenwashing or making misleading statements about its ESG credentials.

German prosecutors said that DWS had misled investors from 2020 to 2023 by breaking German investment laws. The fine comes after DWS were also fined $25 million in the US for making misleading ESG investing claims.

DWS said in a statement, “In recent years, we have already publicly acknowledged that our marketing was sometimes exuberant. We have already improved our internal documentation and control processes, and we continue to do so.”

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