Html Entities in the target file, even if "Enable entity conversion" is disabled

We have some HTML files, where certain Wordpress Code Fragments should not be touched.

<h2><strong>Positive Emotionen geweckt?</strong></h2>
[caption id="attachment_1269" align="alignnone" width="400"]<img class="wp-image-1269 size-full" src="www.testing.com/monkey-arm.png" alt="arm" width="400" height="300" /> Kennst du diesen Knopf?[/caption]

For some reason, all double quotes are then encoded in the target document:

[teaser id=&quot;1050&quot; label=&quot;User Testing Kit runterladen&quot;]

And WordPress obviously does not like that. Why would SDL Trados Studio do that?

Entity Conversion is disabled:

Any idea?