Australian High Court rejects ANZ appeal against Reuters share placement case

(Reuters) – Australia’s corporate regulator said on Wednesday the federal court had dismissed an appeal by ANZ Group against a lawsuit that found the lender guilty of failing to disclose a $2.5 billion share placement ( 1.73 billion USD).

While dismissing the appeal, the court upheld the original decision in a case brought by the Australian Securities and Investments Commission, which imposed a $900,000 penalty for breaching disclosure laws.

In October 2023, the bank lost a lawsuit for failing to notify the market that between $754 million and $791 million had been purchased by its underwriters instead of being placed with investors.

ANZ acknowledged the Federal Court’s decision in a statement and said it would review the ruling.

($1 = 1.4480 Australian dollars)