Former ANZ chief Shayne Elliott drops legal action against bank
Former ANZ Bank chief executive Shayne Elliott has settled his lawsuit against the bank after it rejected a $13.5 million bonus following a series of regulatory troubles at the big four giants.
“ANZ today welcomed former chief executive Shayne Elliott’s decision to halt legal proceedings regarding the remuneration results in financial year 2025,” the bank said in a statement on Tuesday.
“As part of the termination, ANZ confirms that no payments or commitments were made to Mr Elliott, at which each party bears its own costs.”
Elliott missed out on $13.5 million as part of the bank’s board of directors’ effort to hold him accountable for a series of events that occurred while he was running the bank; these include four cases settled last September, with ANZ agreeing to pay a record fine of $240 million. In doing so, the bank admitted unconscionable conduct in a major government bond deal, misreporting of trading data and abuses affecting approximately 65,000 customers.
Clancy Yeates is deputy business editor. He covered banking and financial services and was previously a national business correspondent in the Canberra bureau.Connect with: X or email.
