Citigroup Inc. has been found not guilty by an Australian court of insider trading and failing to manage a conflict of interest in a landmark judgment that vindicates the structure of large investment banks and the management of so-called Chinese walls.

The Federal Court in Sydney on Thursday dismissed a case brought by the Australian Securities and Investments Commission arising out of the trading of shares in 2005 of Patrick Corp., the target of Citigroup’s client, Toll Holdings Ltd. ASIC alleged that Citigroup had a fiduciary duty to its client, had failed to manage a conflict of interest and had been involved in the insider trading of shares.

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