ANZ, Citigroup and Deutsche Bank committed for trial over cartel charges

ANZ, Citigroup and Deutsche Bank committed for trial over cartel charges

ANZ (ASX: ANZ), Citigroup, Deutsche Bank and six senior banking executives have been committed to the Federal Court today for trial on criminal cartel charges.

The banks and the executives John McLean, Rick Moscati, Michael Ormaechea, Michael Richardson, Stephen Roberts and Itay Tuchman were committed from the NSW Local Court in Sydney today following committal proceedings.

The charges involve alleged cartel arrangements in 2015 relating to trading in ANZ shares held by Deutsche Bank and Citigroup, and follow from an Australian Competition and Consumer Commission (ACCC) investigation.

ANZ and each of the executives charged are alleged to have been knowingly concerned in some or all of the alleged conduct.

"As this matter involves criminal charges, we will not be commenting further at this time," ACCC chair Rod Sims said.

The matter will be heard in the Federal Court at a later date.

Shares in ANZ are up 0.36 per cent to $23.42 per share at 3.32pm AEDT.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Advertisement

Related Stories

ASIC to take second bite of the pie in ANZ cartel scandal

ASIC to take second bite of the pie in ANZ cartel scandal

Back in June, ANZ, Citigroup, and Deutsche Bank got caught up in...

Criminal cartel charges laid against ANZ, Citigroup and Deutsche Bank

Criminal cartel charges laid against ANZ, Citigroup and Deutsche Bank

The Australian Competition and Consumer Commission has confirmed...

Bank cartel case claims high-profile scalp at ASX

Bank cartel case claims high-profile scalp at ASX

The cartel scandal that has rocked the Australian banking indust...