Macquarie, ANZ penalties in Malaysia rates probe upheld by Australian court

SYDNEY (Dec 14): An Australian judge has ratified A$15 million ($16 million) in penalties that Macquarie Bank Ltd. and Australia & New Zealand Banking Group Ltd. agreed to pay after admitting to attempted cartel conduct relating to the setting of a benchmark Malaysian rate in 2011.

Justice Michael Wigney said the penalties agreed with the Australian Competition and Consumer Commission “were toward the very bottom of the permissible range.”

ANZ Bank and Macquarie will pay A$9 million and A$6 million, respectively, plus A$200,000 in costs each, Wigney said in the Federal Court in Sydney Wednesday.

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