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Deutsche Bank's DWS rejects claims it overstated ESG assets

Share prices plummeted after DWS Group was accused of exaggerating its number of sustainable assets.

Photo: Deutsche Bank

Deutsche Bank's asset manager DWS Group hit back at claims that it overstated the amount of assets that comply with sustainability criteria after the news of probes by US and German authorities into the allegations sent the shares plunging.

"DWS stands by its annual report disclosures," the firm said in a statement late last Thursday. "We firmly reject the allegations being made by a former employee. DWS will continue to remain a steadfast proponent of ESG investing."

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