ANZ bank and execs face criminal charges

Australia and New Zealand Banking Grp Ltd (ASX: ANZ), Citigroup Global Markets Australia Pty Limited and Deutsche Bank AG (ETR: DBK) and 6 of their executives have been committed to stand trial.

The banks plus John McLean, Rick Moscati, Michael Ormaechea, Michael Richardson, Stephen Roberts and Itay Tuchman face criminal charges of running a cartel.

NSW Local Court in Sydney on Tuesday committed the case to a trial in the Federal Court.

The allegations include making arrangements to run a cartel in 2015 in relation to trading ANZ shares held by the other two banks.

ANZ and each of the 6 executives are accused of knowingly being involved in the cartel conduct.

The charges arose after a Australian Competition and Consumer Commission…