The repercussions of the ACCC's allegations against ANZ, Citi and Deutsche Bank and six senior executives continued yesterday with the announcement that JP Morgan chairman Robert Priestley has resigned from the ASX Board. He is also walking away from a board position at the Future Fund.His timing was ironic at best, thoughtless at worst, given it was the start date of proceedings against his former co-underwriters. Earlier this month the Commonwealth Director of Public Prosecutions launched criminal proceedings against three banks, their leaders and former executives, following an investigation by the Australian Competition and Consumer Commission. The case had an early spot of court time yesterday, with Citi's Stephen Roberts and Itay Tuchman, having just a brief mention in the Local Court at Sydney's Downing Centre, along with Michael Richardson, Deutsche Bank's former head of equity capital markets. The ACCC's allegations have not been published, but speculation has been along the lines that the other banks, along with JP Morgan, acted in a cartel-like manner to sell down the almost A$800 million worth of ANZ shares that they were left holding after underwriting a $2.5 billion insto share placement in 2015. Under cartel busting laws, the first insider to break ranks gets given immunity.... four banks involved, three are in court over an equity capital raising. The likely explanation is that JP Morgan knew or formed a view that whatever the arrangement was that had been agreed to, it was illegal.All of which added up to an untenable position for Priestley. He said: "I am very conscious of the unique role that the ASX plays at the heart of Australia's financial marketplace, and with all of its participants. There has been considerable interest in the ACCC banking matter which may become a potential distraction for the ASX and my Board colleagues."It is likely that this matter will take some time to resolve, and as there are limits to the information that can be discussed at this time, I think the right course of action in these circumstances is to step aside from the ASX Board to allow the situation to be fully resolved. I look forward to the time when all of the facts and circumstances relevant to this matter are clarified."Priestley stepped down as CEO of JP Morgan Australia May 2017, and moved to the role of non-executive chair. He was appointed a director of ASX later that month.