The charges were withdrawn by the Commonwealth Director of Public Prosecutions last week.

The charges against Mr Tuchman were laid almost 4 years ago in relation to a A$2.5billion ANZ institutional share placement involving Citigroup, Deutsche Bank AG and several senior banking executives who included Mr Tuchman.

This was the first time criminal cartel laws were due to be considered in the context of financial markets.

MinterEllison represented Mr Tuchman. The team was led by Beverley Newbold, Philip Stefanovski, Ross Freeman and Geoff Carter who specialise in dispute resolution and competition law.

Partner, Beverley Newbold commented, "We are delighted with the result for Itay, and also for the other accused.”