Deutsche Bank, Citigroup, ANZ Face Criminal Cartel Charges

• Case would be an unprecedented legal foray into underwriting • Banks deny wrongdoing, will defend Australian proceedings

Deutsche Bank AG, Citigroup Inc. and Australia & New Zealand Banking Group Ltd. face criminal charges in Australia for alleged cartel conduct over a A$2.5 billion ($1.9 billion) share sale almost three years ago.

The charges will relate to trading in ANZ Bank shares following its institutional placement in August 2015, the Australian Competition and Consumer Commission said in astatementJune 1, naming the Melbourne-based lender and two of the underwriters on the deal.

“It will be alleged that ANZ and ...