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ANZ Bank Sued by Regulator Over Share Sale, Joining Cartel Case

Emily Cadman
ANZ Bank Sued by Regulator Over Share Sale, Joining Cartel Case

Australia & New Zealand Banking Group Ltd. is being sued by the securities regulator over a controversial 2015 share sale which is already the subject of criminal-cartel charges. The Australian Securities & Investments Commission alleges the lender breached continuous disclosure responsibilities by not informing the market that the joint lead managers of the sale took up approximately 25.5 million shares in the placement, the bank said in a statement Friday. Australian prosecutors allege the former local heads of Citigroup Inc. and Deutsche Bank AG, among others, engaged in criminal cartel behavior.

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