Steve Targett drops lawsuit
(10 March 2010 – Australia) The former institutional banking chief of ANZ Banking Group, Steve Targett, has dropped his A$57 million lawsuit against the big four banking giant.
The former Australian banker launched the lawsuit against ANZ after his dismissal, claiming the bank lured him with false promises of promotion to CEO.
Last year the former ANZ banker moved to increase the damages sought to A$57 million from A$2 million after receiving poor references from the bank stunting employment opportunities.
ANZ announced that Mr Targett has now agreed to discontinue his legal action; the bank also confirmed that a deed of release signed by Mr Targett had been received.
No payment will be made by ANZ to Mr Targett and each party will meet their own legal costs, ANZ said in a statement on Tuesday.
ANZ has consistently maintained Mr Targett's case was without merit, the bank added.
Last year the former ANZ banker moved to increase the damages sought to A$57 million from A$2 million after receiving poor references from the bank stunting employment opportunities.
ANZ announced that Mr Targett has now agreed to discontinue his legal action; the bank also confirmed that a deed of release signed by Mr Targett had been received.
No payment will be made by ANZ to Mr Targett and each party will meet their own legal costs, ANZ said in a statement on Tuesday.
ANZ has consistently maintained Mr Targett's case was without merit, the bank added.
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