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Landmark cartel prosecution dropped

After charges were first laid in 2018, a criminal cartel prosecution against Citigroup was dropped by the Australian Commonwealth Director of Public Prosecutions.

user iconLauren Croft 22 February 2022 Big Law
Landmark cartel prosecution dropped
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Firm: Herbert Smith Freehills (Citigroup Global Markets Australia Pty Limited), Minter Ellison (Citi executive Itay Tuchman).

Deal: Herbert Smith Freehills has defended Citi in a criminal cartel prosecution that was abandoned recently by the CDPP, which first arose from a $2.5 billion equity placement. MinterEllison also successfully defended the criminal cartel action against Citi executive Itay Tuchman.

Value: N/A.


Area: Finance.

Key players: Herbert Smith Freehills represented Citigroup Global Markets Australia. The team was led by partners Luke Hastings, Andrew Eastwood, Liza Carver and Christine Wong.

MinterEllison represented Mr Tuchman. The team was led by Beverley Newbold, Philip Stefanovski, Ross Freeman and Geoff Carter, who specialise in dispute resolution and competition law.

Deal significance: The landmark prosecution is one of only a handful of criminal cartel proceedings brought in Australia to date and the first to consider the application of cartel laws to financial markets activity.

HSF partner Luke Hastings said that he was “privileged to have worked with Citi on this significant matter”.

“We are very pleased with this result for Citi and its employees,” he said.

MinterEllison partner Beverley Newbold added: We are delighted with the result for Itay, and also for the other accused.”