Deutsche Bank’s DWS Rejects Claims It Overstated ESG Assets (1)

Deutsche Bank AG’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 U.S. and German authorities into the allegations sent the shares plunging.

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

Earlier on Thursday, DWS had plunged as much as 14.2% after revelations that Germany’s financial markets regulator BaFin and U.S. prosecutors ...