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ACCC investigator shoots down claims of impropriety with JPMorgan lawyers

 |  February 10, 2020

An Australian antitrust investigator who helped bring criminal cartel charges against Citigroup Inc and Deutsche Bank AG denied acting with “impropriety” when presented with communications between the regulator and informants’ lawyers, reported The New York Times.

The court testimony from Australian Competition and Consumer Commission (ACCC) enforcement director Michael Taylor on Monday points to a defense strategy questioning the integrity of an investigation that ended in charges of collusion during a A$2.5 billion ($1.67 billion) share sale in 2015.

In pre-trial hearings, lawyers for the investment banks and their client, retail lender Australia and New Zealand Banking Group Ltd (ANZ), have been trying to show witness statements by a third investment bank which worked on the deal, JPMorgan Chase, were tainted by coordination between JPMorgan’s lawyers and the authorities.

JPMorgan and its staff and ex-staff agreed to act as informants with the ACCC in exchange for immunity from prosecution, the court has previously heard.