Deutsche Bank AG agreed to extend the term of an outside compliance monitor after Justice Department prosecutors found the bank violated a criminal settlement by not disclosing a misconduct complaint in its asset manager’s sustainable-investing business, the bank said.
The complaint, made by a former executive, alleged that Deutsche Bank’s majority-owned asset manager, DWS Group, overstated how much it used environmental, social and governance criteria, or ESG, to manage investments it oversees. Instead of hearing about it from the bank, U.S. authorities learned of the issue in an August Wall Street Journal article.
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