The Australian Securities and Investments Commission (ASIC) has been left facing a legal bill in the order of $1.5 million after deciding that it will not be lodging an appeal with respect to its failed action against Citigroup.
The regulator announced late yesterday that it would not be lodging an appeal against the Federal Court’s decision last month that Citigroup did not engage in insider trading and Citigroup did not contravene the conflict of interest provisions of the Corporations Act.
In doing so, ASIC acknowledged that costs in the case were in the order of around $1.5 million.
ASIC acknowledged that the Federal Court had found, subject to hearing argument, that it saw no reason why costs should not fall to ASIC to be paid and said it would be making a further statement once an order relating to costs had been made.
