Business Services Industry
No appeal from ASIC over Citi decision.
Australasian Business Intelligence, July, 2007
Byline: Elisabeth Sexton
Jul 17, 2007 (The Age - ABIX via COMTEX) -- The Australian corporate regulator will not appeal the judgment in its case against Citigroup. On 28 June 2007, the Federal Court dismissed the claim of insider trading and breach of fiduciary duty brought by the Australian Securities & Investments Commission (ASIC) against the global investment bank. However, on 17 July, ASIC said that it may challenge the order that it must pay the costs of the defendant. ASIC's costs were $A1.5 million. Citigroup, which was advised by law firm Freehills, is expected to have much higher costs.
Publication Date: 18 July 2007
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