ANZ agreed to pay US$350,000 to settle charges it violated position limits in the wheat and cotton futures markets, the US Commodity Futures Trading Commission said on Thursday. Reuters reported that ANZ exceeded limits in wheat futures trading on the Chicago Board of Trade on multiple occasions in August 2010, the CFTC said. ANZ also surpassed position caps in cotton futures trading on ICE Futures. Institutional investors may violate their duties to clients by participating in class actions law firm Freehills argued in advice prepared for National Australia Bank in connection with the latter's defence of a class action over the bank's losses of collateralised debt obligations. NAB's institutional investment subsidiary, MCL, is a participant in the class action. Lloyds Banking Group is seeking bids for A$350 million in corporate loans, the Australian Financial Review reported. Lloyds has already sold most of its non-performing property loans.