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Australia drops banking cartel case against Deutsche Bank and Citigroup

Executives had faced 10-year jail sentences for accusations of collusion over share placement

A significant cartel case levelled by the Australian competition watchdog against Citigroup, Deutsche Bank and four senior bankers has collapsed after federal prosecutors dropped criminal charges.

The decision to abandon the charges against the two international banks and some of their highest-ranking executives ended a long-running case that had shaken the financial industry in Australia.

The Commonwealth Director of Public Prosecutions on Friday withdrew the charges against Citigroup, Deutsche Bank and the executives on the basis that it was unlikely to secure convictions.

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