Business
Banks, executives headed to Federal Court over criminal cartel charges – The Australian Financial Review
Investment banking giants ANZ, Citigroup and Deutsche Bank and six executives have pleaded not guilty to criminal cartel charges brought against them by the competition…
The criminal cartel charges laid against the bankers relate to a $2.5 billion capital raising for ANZ in 2015, during which a shortfall arose.
Citi, Deutsche and JPMorgan the latter has received immunity from prosecution, along with its bankers were underwriting the placement and took up the near 25.5 million unsold shares to sell back into the market later.
The ACCC alleges the banks arrived at an arrangement or understanding in a series of phone calls about how these leftover shares would be sold,…
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