A landmark indictment alleging criminal cartel conduct against banking giants Citi, Deutsche and ANZ and five of their executives is nothing but “a jumble of words” and should be thrown out of court, the Federal Court has heard.

The banks’ case, which was put forward by an army of Australia’s most expensive criminal and commercial silks, is based on the claim that the prosecutor’s indictment, which is in its “eighth incarnation”, does not sufficiently detail either the charges or conduct in question.