The Australian Securities & Investments Commission on Monday launched an insider trading case against Citigroup that many expect will produce a landmark judgment on how investment banks separate their principal trading and merger advisory operations. The case centers on the issue of the so-called "Chinese wall" between a firm's trading and M&A advisory activities as well as the question of fiduciary duty to clients. "Everyone is watching this," said one banker with a U.S.-based firm.
March 27, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Australian Securities & Investments Commission on Monday launched an insider trading case against Citigroup Inc., which many observers expect will produce a landmark judgment on how investment banks separate their principal trading and merger advisory operations.
ASIC has brought civil charges against Citigroup Australia over trading in shares of transport group Patrick Corp., a company targeted by Toll Holdings, which Citigroup was advising.
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