Cases / Lobbying, PR and greenwashing · Germany · 2023–2025
Deutsche Bank's DWS paid penalties in US and Germany over ESG claims
Short record: the main facts, with sources. A full case file has not been prepared.
Nature's voice · report
No measurement of the harm done to me here is on record.
Did nature suffer? Not measured.
Not on record
- The record does not name which of my species, waters, soils or forests were harmed.
DWS, the asset manager of Deutsche Bank, paid a 19 million dollar US penalty in 2023 and a 25 million euro fine ordered by Frankfurt prosecutors in 2025 over ESG claims. Campaigners report that DWS-managed ESG funds put 8.7 billion euros into fossil-fuel expansion.
What?
DWS, Deutsche Bank's asset manager, paid penalties in the US and Germany over ESG claims; the SEC penalty was 19 million dollars and the German fine 25 million euros. ESG Dive
Where?
Frankfurt, Germany (prosecutors) and the United States (SEC). ESG Dive
When?
The SEC penalty was in 2023; the Frankfurt fine is dated 2 April 2025. ESG Dive
Who?
Gained
- DWS-managed ESG funds — Reported to have invested 8.7 billion euros in fossil-fuel expansion (Urgewald and Facing Finance, 2025)
Lost
None on recordHarmed
None on recordWhy?
Not stated in the sources reviewed.
How?
DWS had set aside a provision for the penalty in advance, according to ESG Dive. ESG Dive
6 of 6 questions answered from the record
What happened
The record, in order.
The US Securities and Exchange Commission (SEC) penalised DWS 19 million dollars in 2023 over its ESG claims (ESG Dive).
On 2 April 2025 Frankfurt prosecutors fined DWS 25 million euros, which ESG Dive described as a greenwashing fine (ESG Dive).
ESG Dive reported that DWS had set aside a provision for the penalty in advance (ESG Dive).
In court and with insurers
Every proceeding and every insurer decision on record.
Lawsuits and rulings
No court case on record. No court has ruled on this case.
Insurers
No insurer decision on record.
What we don't know
Undisclosed, unproven, untried: recorded as data.
Nature
- Not measured Harm to nature: The record holds no measurement of harm to nature.
Record
- Insufficient Reported but not verified: the fines were for overstating ESG-integrated assets.
- Insufficient Reported but not verified: DWS's former chief executive is entitled to 13.7 million euros in compensation.
- Insufficient Reported but not verified: one headline names a 20 million dollar SEC penalty against DWS; the 19 million dollar figure is used here.
- None on record Gap: no record was found of personal prosecution of DWS executives.
Did the harm stop?
Not stated in the sources reviewed.
Who paid?
Not stated in the sources reviewed.
Sources
Voices on record: — Company or project— Government and regulators— Courts✓ Press and investigations— Communities and civil society— Researchers
Press and investigations
- German prosecutors slap $27m greenwashing fine on Deutsche Bank DWSESG Dive · 2025-04-04
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