Pause ANZ lawsuit until Citigroup, Deutsche Bank criminal-cartel prosecution ends, court told
By James Panichi ( June 5, 2019, 04:30 GMT | Insight) -- A civil lawsuit widely seen as a curtain-raiser for a criminal-cartel prosecution against Australia & New Zealand Banking Group, Citigroup Global Markets and Deutsche Bank has become bogged down in a discussion about whether the civil court action could deny a fair trial to defendants in the criminal case. Addressing a Federal Court of Australia hearing in Melbourne, ANZ lawyer John Sheahan said that by allowing the civil lawsuit against the bank to proceed, both the bank and its senior manager Rick Moscati would be denied a fair hearing in the parallel criminal-cartel prosecution. Both the civil lawsuit and the criminal prosecution center on ANZ's 2015 institutional share placement and the bank's decision to secretly allocate shares to the underwriters.A civil lawsuit widely seen as a curtain-raiser for a criminal-cartel prosecution against Australia & New Zealand Banking Group, Citigroup Global Markets and Deutsche Bank has become bogged down in a discussion about whether the civil court action could deny a fair trial to defendants in the criminal case....
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