DWS Investment Management Americas, a subsidiary of Deutsche Bank (ETR:DBKGn), has agreed to pay a fine of $25 million imposed by the U.S. Securities and Exchange Commission (SEC) on Monday. The penalty was levied in response to accusations that the firm made false statements about its environmental, social, and governance (ESG) investment process.
In addition to the ESG-related allegations, the SEC also accused DWS Investment Management Americas of failing to establish an anti-money-laundering program for its mutual fund. These charges form part of the civil case brought against the Deutsche Bank unit.
The SEC's findings were neither admitted nor denied by DWS Investment Management Americas, however, they accepted the decision to pay the imposed fine. This action effectively settles the civil charges raised against them.
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