Paul acted for ASIC in civil penalty proceedings against ANZ under the Corporations Act and ASIC Act for alleged market manipulation, unconscionable conduct, misleading and deceptive conduct and breach of licence. The BBSW is the primary interest rate benchmark used in Australian financial markets (described as the Australian equivalent to LIBOR). The proceedings resolved immediately before the hearing with ANZ, amongst other things, required to pay a pecuniary penalty.
Paul also has specialist experience representing high profile board directors and senior respective in a range of regulatory investigations and prosecutions and in dealing with funded litigation.
Paul is regularly listed as a leading lawyer in Dispute Resolution in Australia across all major legal guides (Asia Pacific Legal 500; Chambers and Best Lawyers Australia). Asia Pacific Legal 500 surveys have said of him "Paul Reidy always thinks ahead of the client anticipating what they require next".
Clients in Chambers Asia Pacific Guide have said Paul Reidy commands extensive peer respect for his handling of complex, high-stakes litigation mandates and is praised by a client as "an outstanding litigator with impeccable judgment" who is further distinguished by his ability "to anticipate issues that will be raised by opposing lawyers or the Bench" and by "a unique talent for explaining issues to business people and making appropriate recommendations to them."
Paul is also listed as one of the leading litigators in Australia by Asia Pacific Legal 500.