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<blockquote data-quote="al97" data-source="post: 149751" data-attributes="member: 29424">25 Sep - Commercial Awareness - Energy sector Topic: Asset manager under investigation for greenwashing paid $19mn to settle <a href="https://www.ft.com/content/02b19456-d3ed-4c3f-9c39-ec95d81a62ae" target="_blank">https://www.ft.com/content/02b19456-d3ed-4c3f-9c39-ec95d81a62ae</a>DWS is an asset manager mostly owned by Deutsche Bank. The allegations of greenwashing and violations of AML laws are brought by the SEC. It paid the settlement without admitting or denying the allegations. The SEC claimed that DWS made misleading statements about the size of its ESG investment assets. SEC became tougher to violations since Gensler is the chair. He proposed new rules to broaden the disclosure on ESG risks. DWS have also been a subject of investigation by German and Frankfurt prosecutor. Last year, the DWS was raided by police over greenwashing allegations and the CEO was removed as a result. However, he was compensated with EUR13.7mn payout, a bonus of 3.2mn and severance pay of 8.15mn. The news is related to the litigation arising from ESG claims and director/executive’s liability. In my view, the relevant practice areas are private funds (asset managers, private equity, hedge funds) and white collar crime (in relation to director’s fiduciary duty, did the fund manager make “clean investment” in accordance to the ESG expectations?). The news could be a good example when discussing the risks and opportunities that ESG brings to law firms.</blockquote>

[QUOTE="al97, post: 149751, member: 29424"] 25 Sep - Commercial Awareness - Energy sector Topic: Asset manager under investigation for greenwashing paid $19mn to settle [URL]https://www.ft.com/content/02b19456-d3ed-4c3f-9c39-ec95d81a62ae[/URL] DWS is an asset manager mostly owned by Deutsche Bank. The allegations of greenwashing and violations of AML laws are brought by the SEC. It paid the settlement without admitting or denying the allegations. The SEC claimed that DWS made misleading statements about the size of its ESG investment assets. SEC became tougher to violations since Gensler is the chair. He proposed new rules to broaden the disclosure on ESG risks. DWS have also been a subject of investigation by German and Frankfurt prosecutor. Last year, the DWS was raided by police over greenwashing allegations and the CEO was removed as a result. However, he was compensated with EUR13.7mn payout, a bonus of 3.2mn and severance pay of 8.15mn. The news is related to the litigation arising from ESG claims and director/executive’s liability. In my view, the relevant practice areas are private funds (asset managers, private equity, hedge funds) and white collar crime (in relation to director’s fiduciary duty, did the fund manager make “clean investment” in accordance to the ESG expectations?). The news could be a good example when discussing the risks and opportunities that ESG brings to law firms. [/QUOTE]

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