Prosecutors have abandoned a criminal case against ANZ and a senior executive that would pursue the bank for cartel conduct.
The Commonwealth Director of Public Prosecution’s case was labelled a “schamozzle” in a hearing at the Federal court and soon after, the CDPP dropped the charges.
Those charges had been the culmination of a two year investigation by Australia’s consumer watchdog that alleged A-N-Z had engaged in “collusion” with other banks, by offering 80.8 million shares to large, institutional investors at a discounted price.