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Report: JPMorgan granted immunity in ANZ cartel conduct investigation

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Report: JPMorgan granted immunity in ANZ cartel conduct investigation

JPMorgan Chase & Co. will not face criminal charges in an investigation into alleged cartel conduct in relation to a 2015 share placement for client Australia & New Zealand Banking Group Ltd., The Australian reported June 1, citing sources.

The U.S. investment bank was granted immunity after it offered full disclosure on events surrounding ANZ's share placement in 2015, the sources said.

JPMorgan was one of three underwriters for the issuance along with Deutsche Bank AG and Citigroup Inc.

Australian prosecutors said they intended to commence proceedings against ANZ for being knowingly concerned in alleged cartel conduct by the joint lead managers of its equity placement of 80.8 million shares in 2015. Deutsche Bank and Citigroup are also expected to be charged.

ANZ said the Australian Securities and Investments Commission is also investigating whether the announcement for the placement should have stated that the joint lead managers took up approximately 25.5 million shares of the placement. It is understood that ASIC's action may relate to how the shortfall for the issuance was disclosed to the market, The Australian reported.

JPMorgan declined to comment on the matter, the publication added.