Deutsche Bank may have breached settlement - report

Wednesday, 08. December 2021 21:38

Deutsche Bank AG was told by the United States Department of Justice that it may have violated a criminal settlement after it did not inform authorities about an internal complaint, The Wall Street Journal reported on Wednesday, citing sources briefed on the issue.

German asset management company DWS Group, in which the bank holds a majority stake, may have misreported and exaggerated its efforts regarding environmental, social, and governance (ESG) standards, DWS former Chief Sustainability Officer Desiree Fixler told the media outlet in August. Fixler was fired from her job in March after complaining about these issues.

The DoJ found out about the potential wrongdoing from the WSJ August report, even though Deutsche Bank was obligated by the settlement deal to inform the department about similar complaints. The DoJ may tear up the criminal settlement deal with the bank, and initiate another prosecution process against it due to the bank's potential violation, according to the report.

Related Links: DWS Group GmbH & Co. KGaADeutsche Bank AG
Author:
Baha Breaking the News (BBN) / MS