ESG investing

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The D&O Diary has been tracking how fragmented state and federal climate disclosure initiatives, along with rising anti-ESG litigation, are reshaping D&O risk. Vanguard Guard Group’s (Vanguard) recent settlement of the anti-ESG antitrust litigation that red state attorneys general (AGs) brought against the firm and several other asset management companies could mark a watershed moment in the intersection of ESG governance and D&O liability.

Continue Reading Vanguard’s Antitrust Settlement in the Anti-ESG Era and Emerging D&O Risks

In what is a reminder that potential liabilities based on alleged ESG-related overstatements remains a significant corporate risk, DWS, the asset management arm of Deutsche Bank has agreed to pay a €25 million fine to settle greenwashing allegations related to its ESG-focused investment products. The fine, imposed by the Frankfurt Public Prosecutor’s Office, follows an earlier $19 million SEC fine the firm agreed in 2023 to pay based on similar charges. The firm’s April 2, 2025, statement about the Frankfurt Public Prosecutor’s Office fine can be found here.

Continue Reading Deutsche Bank Asset Management Unit Pays €25m Greenwashing Fine

A unit of Deutsche Bank has agreed to the entry of a cease-and-desist order and to the payment of a $19 million penalty in connection with an SEC enforcement action in which the agency alleged that the unit had made materially misleading statements about its use of ESG factors into its research and investment recommendations. The ESG-related enforcement action was accompanied by a separate anti-money laundering (AML) enforcement action against the unit, Deutsche Bank’s New York-based investment advisor subsidiary, DWS Investment Management Americas (DWS), in which DWS agreed to pay a separate $6 million penalty. The ESG-related action, which apparently involved the SEC’s Climate and ESG Task Force, highlights the ways in which companies seeking to be proactive on ESG-related issues can attract claims. The action also underscores the fact that the SEC is scrutinizing ESG-related disclosures.

Continue Reading Deutsche Bank Unit Hit with SEC Penalties Over ESG Claims