A prosecution witness in an Australian criminal cartel case against Citigroup Inc and Deutsche Bank AG said on Friday that the banks never colluded, but that he helped a regulator build its case to get immunity.
The testimony from former JPMorgan Chase & Co markets head Jeff Herbert-Smith in court is a blow to the prosecution, which is relying on JPMorgan to support a case that the three global investment banks engaged in criminal cartel behaviour in a A$2.5 billion share issue for Australia and New Zealand Banking Group in 2015.
The Australian Competition and Consumer Commission (ACCC), which brought the charges, accuses Citi and Deutsche and their client, Australia’s fourth-largest bank, of withholding details of the sale to support the stock’s price. JPMorgan was given immunity in exchange for cooperating with the authorities.
Full Content: Reuters
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