The raid follows a whistleblower's allegation that DWS—majority-owned by Deutsche Bank—made misleading environmental claims in its 2020 annual report.
German police on Tuesday raided Deutsche Bank headquarters and the offices of asset manager DWS—which is 80% owned by Deutsche Bank—as part of an investigation into whether the firms have presented investments and products as more climate-friendly than they really are, a notorious practice known as"greenwashing."
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.
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