13 July, 2024
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Australia drops landmark criminal cartel case against Citi, Deutsche


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Fri, 2022-02-11 04:39

SYDNEY: Australia withdrew a cartel lawsuit against Citigroup Inc, Deutsche Bank AG and several former executives over a A$2.5 billion ($1.8 billion) share issue, ending what was set to be the country’s biggest white-collar criminal trial.
After nearly four years of pre-trial administrative hearings in packed courtrooms, the public prosecutor’s office pulled its case early on Friday, said the Australian Competition and Consumer Commission (ACCC), which had first referred the matter to the prosecutor.

A Citibank branch sign is seen behind a road sign in central Sydney. (REUTERS/Tim Wimborne/File Photo)
Small toy figures are seen in front of displayed IAG (Insurance Australia Group) logo in this illustration taken on Nov. 8, 2021. (REUTERS/File Photo)
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