The Australian Securities and Investment Commission's insider trading case against Citigroup has been adjourned until June 23, it emerged last week.
The Australian regulator filed the suit against Citigroup Global Markets Australia in March, alleging that the firm traded substantially on its own behalf ahead of a hostile takeover by one of its clients.
Citigroup, however, has denied the charges of insider trading and inadequate conflict of interest prevention. The firm now has until May 19 to file its defense with ASIC and the Australian Federal Court, according to reports.
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