ANZ, Citi, Deutsche Bank committed for trial in Australian court on criminal cartel charges

FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

(Reuters) – Australia’s competition regulator on Tuesday said Citigroup Inc, Australia and New Zealand Banking Group, Deutsche Bank AG and senior executives have been committed to Australian Federal Court for trial on criminal cartel charges, in the country’s biggest white collar criminal case.

The regulator has accused the investment banks of colluding over a A$2.5 billion ($1.8 billion) 2015 share issue to withhold unsold shares and keep the stock price from falling.

Their client, ANZ, is also defending the case.