DWS, the asset management division of Deutsche Bank, has settled a long-running probe by German prosecutors into greenwashing with a multi-million euro fine — the second penalty it has received for overstating its ESG credentials.

The asset manager said in a statement on 2 April that the Frankfurt Public Prosecutor’s Office had completed its investigation, which focused on whether the €1tn firm overstated its ESG credentials in its 2020 annual report.