SYDNEY (REUTERS) – Australia’s competition regulator on Tuesday (Dec 8) said Citigroup, Australia and New Zealand Banking Group (ANZ), Deutsche Bank and senior executives have been committed to Australian Federal Court for trial on criminal cartel charges, in the country’s biggest white collar criminal case.

The regulator has accused the investment banks of colluding over a A$2.5 billion (S$2.48 billion) 2015 share issue to withhold unsold shares and keep the stock price from falling.

Their client, ANZ, is also defending the case.