Former ANZ CEO Shayne Elliott Drops Legal Action Against Bank
Shayne Elliott, the former chief executive of ANZ Bank, has discontinued his legal action against the bank. The legal proceedings were initiated after ANZ denied him $13.5 million in bonuses.
ANZ Bank confirmed the decision by Mr. Elliott to discontinue the legal proceedings.
"No payments or commitments were made to Mr. Elliott as part of the discontinuation, and both parties will cover their respective legal costs," the bank stated.
Mr. Elliott's bonus was withheld as part of the bank board's accountability measures. This action followed a series of incidents during his leadership, including four court matters settled in September.
These settlements resulted in ANZ agreeing to pay a $240 million fine. The bank acknowledged unconscionable conduct in a government bond transaction, incorrect reporting of trading data, and misconduct impacting approximately 65,000 customers.