Australia drops landmark criminal cartel case against Citi, Deutsche

Australia on Friday withdrew a cartel lawsuit against Citigroup Inc, Deutsche Bank AG and several former executives over a $1.8 billion share issue, a stunning retreat from what would have been the country's biggest white-collar criminal trial.

After nearly four years of pre-trial hearings in packed courtrooms, federal prosecutors said they had pulled the case after reviewing the evidence and concluding "there were no longer reasonable prospects of conviction".

Prosecutors had narrowed the scope of the lawsuit in recent months. Charges against the former head of Citi in Australia and against the client for the stock issue in question, Australia and New