(Reuters) – The Federal Court has dismissed an appeal by ANZ Group against a lawsuit that found the lender guilty of failing to disclose a A$2.5 billion (US$1.73 billion) share offering, Australia’s corporate regulator said on Wednesday.
While dismissing the appeal, the court upheld the original decision in a case brought by the Australian Securities and Investments Commission, which imposed a fine of A$900,000 for breaching disclosure laws.
In October 2023, the major banking company lost a lawsuit for failing to notify the market that between A$754 million and A$791 million of shares were taken by its underwriters rather than placed with investors.
ANZ Bank acknowledged the Federal Court’s decision in a statement, and said it would review the ruling.
($1 = 1.4480 Australian dollars)