Business Services Industry
ASIC astray in Citi case.
Australasian Business Intelligence, June, 2007
Jun 28, 2007 (The Australian Financial Review - ABIX via COMTEX) -- The Australian Securities & Investments Commission (ASIC) lost its insider trading case against Citigroup on 28 June 2007. The case concerned trading in Patrick Corporation shares amid ASIC's allegation that the investment bank acted improperly towards its client Toll. ASIC lost its case, which is no surprise given that it was based on a weak and impractical idea that investment banks should not trade in companies they are representing. Companies such as Toll are well aware that large investment banks conduct many different business activities. Citigroup did not breach any obligation it had to Toll, as its internal mechanisms for preventing conflicts of interest were completely effective and adequate....
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