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Australia: JPMorgan banker testifying for cartel prosecutors says there was no agreement

By  |  December 8, 2019

A prosecution witness in an Australian criminal cartel case against Citigroup Inc and Deutsche Bank AG said on Friday that the banks never colluded, but that he helped a regulator build its case to get immunity.

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    The testimony from former JPMorgan Chase & Co markets head Jeff Herbert-Smith in court is a blow to the prosecution, which is relying on JPMorgan to support a case that the three global investment banks engaged in criminal cartel behaviour in a A$2.5 billion share issue for Australia and New Zealand Banking Group in 2015.

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    The Australian Competition and Consumer Commission (ACCC), which brought the charges, accuses Citi and Deutsche and their client, Australia’s fourth-largest bank, of withholding details of the sale to support the stock’s price. JPMorgan was given immunity in exchange for cooperating with the authorities.

    Full Content: Reuters

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