Deutsche Bank, subsidiary raided over ‘greenwashing’ claims

BERLIN (AP) — Authorities in Germany have raided the offices of Deutsche Bank and its subsidiary DWS following claims that it was exaggerating the sustainable credentials of some of the products it sold. Frankfurt prosecutors said 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. Deutsche Bank said in a statement that Tuesday’s raids were “directed against unknown people in connection with greenwashing allegations against DWS.” It said DWD was cooperating with ”all relevant regulators and authorities on this matter.”