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ARTICLE · 31 MARCH 2023

Issue 20: March 22, 2023

Steptoe LLP
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DWS, a leading German investment fund manager, has settled a greenwashing lawsuit that alleged it misled investors by claiming that its climate technology...

United StatesFinance and Banking
Steptoe LLP
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Litigation

DWS, a leading German investment fund manager, has settled a greenwashing lawsuit that alleged it misled investors by claiming that its climate technology fund excluded companies active in sectors such as coal or defense equipment. The lawsuit, which was led by consumer protection group VerbraucherzentraleBaden-Wuerttemberg, has been settled under a cease-and-desist declaration that requires DWS to refrain from marketing certain features of the fund as sustainable in the future.

Legislation

President Biden has issued the first veto of his presidency, frustrating Republican attempts to overturn a recently enacted Department of Labor rule allowing fund managers for ERISA plans to include ESG considerations in the investment process. President Biden stated that the rule would not result in fund managers sacrificing financial returns to pursue a political agenda and would allow retirement plan fiduciaries to take ESG factors into account that could

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