German asset manager DWS fined 25 mln eur in greenwashing case
02/04/2025 09:50
FRANKFURT, April 2 (Reuters) - Deutsche Bank-owned DBKGn.DE asset manager DWS DWSG.DE has been fined 25 million euros ($27 million) for greenwashing, or overstating their environmental, social, and governance (ESG) investing credentials, German prosecutors said on Wednesday. The fine for breaches of German financial investment laws took effect on Tuesday, the Frankfurt state prosecutors office said in a statement. DWS said in a separate statement it accepted the fine and that it had already improved internal documentation and control processes in response to the probe. The asset manager said this was the conclusion of ESG investigation and that first-quarter results would not be affected because provisions had previously been made. ($1 = 0.9261 euros) (Reporting by Ludwig Burger Editing by Madeline Chambers) ((ludwig.burger@thomsonreuters.com;))