Business Services Industry
ASIC calls Citigroup case at end.
Australasian Business Intelligence, July, 2007
Byline: Brendan Swift
Jul 17, 2007 (The Australian Financial Review - ABIX via COMTEX) -- The Australian Securities & Investments Commission (ASIC) will not appeal the dismissal of its insider trading case against Citigroup. ASIC had alleged that the global investment bank had acted improperly by advising client Toll Holdings about its takeover bid for Patrick Corporation while its proprietary trading desk traded in the shares. However, Citigroup insisted that its "Chinese walls" prevented the exchange of information between divisions. The Federal Court dismissed the case and ordered ASIC to pay Citigroup's costs. ASIC says the result will not deter it from prosecuting other actions against insider trading.
Publication Date: 18 July 2007...
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