A court should reverse findings that ANZ breached continuous disclosure laws over a chaotic $2.5 billion capital raising in 2015 because an undisclosed shortfall would not harm the overall value of the bank, nor did it risk a “disorderly” market that would hurt the share price, ANZ has argued.

The Federal Court ultimately levelled a $900,000 fine against the financial institution for not informing investors about the shortfall, with the capital raising catching the eye of the corporate and competition regulators.