Deutsche Bank’s DWS to Pay $25 Million to Settle SEC Probes
- DWS failed to follow marketing claims on ESG, SEC says
- SEC found no misstatements in financial disclosures, DWS says
DWS Group banners outside the Frankfurt Stock Exchange.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
Deutsche Bank AG’s DWS asset management arm agreed to pay a total of $25 million to settle Securities and Exchange Commission probes into alleged greenwashing and anti-money laundering lapses.
The penalties include $19 million for “materially misleading statements” about how it incorporates environmental, social, and governance factors into research and investment recommendations and $6 million for failing to develop a mutual fund AML program, the SEC said in a statement on Monday. DWS didn’t admit or deny the SEC’s findings.