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Citigroup lawsuit

Filed in archive regulators by leon on November 03, 2006

Citigroup lawsuit
Pencil in March 26. That's when Citigroup has to deal with the lawsuit over insider trading and failure to manage its conflicts of interest.

Citigroup is being sued by the Australian Securities and Investments Commission over insider trading and conflicts of interest stemming from the hours immediately before Toll Holdings (advised by Citigroup) launched a takeover bid for patricklinks Corporation last year. The case will be heard in the Federal Court in Sydney (that's Citigroup's Sydney headquarters in the photo, apparently the city's second tallest building) and it's scheduled to run for up to three weeks.

I covered this week's court proceedings in this piece here and there's a transcript of me explaining what the case is about on the ABC's Radio National program here.

ASIC says it has 600 pages of evidence gathered from interviews with Citigroup and Toll staff. Citigroup disputes whether all of it will be admissible. James Stevenson, SC, for ASIC, told Judge Peter Jacobson this that the regulator planned to call an expert from Australian Stock Exchange's insider trading division and that it also intends tendering a statement from Toll.

Globally, this is a significant case because it calls into question the practice of prop trading and Chinese Walls. Regulators around the world will be watching it closely.


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Permalink: Citigroup lawsuit
Tags: Citigroup  ASIC  insider  trading  citigroup  home  corporate  citigroup+lawsuit  insider+trading  conflicts+ 

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Related Entries:

Citigroup sued for insider trading - 31 March 2006

Citigroup in court - 30 June 2006

More on the Citigroup lawsuit - 08 February 2007

Citigroup cleared of insider trading - 28 June 2007

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