ANZ and Targett may reach settlement
(9 March 2010 – Australia) ANZ’s former institutional banking chief Steve Targett may have reached an in-principle settlement with his former ‘big four’ employer, after claims for damages were filed against the bank in 2007.
The former Australian banker launched the lawsuit against ANZ after his dismissal, and last year increased the damages sought to A$57 million from A$2 million.
The damages were increased due to Mr Targett claiming that poor references from ANZ had stopped him succeeding in a new position in Eastern Europe sooner; Mr Targett finally was employed as the head of the Bank of Beirut’s British operations at the end of 2009.
The claim also related to the difference in earnings from if he had of continued his employment at Lloyds TSB.
ANZ had previously said that it had no intention of settling the claim, could announce the settlement as soon as Monday.
However, a spokesman for the bank said yesterday it believed it had a strong case and it would not consider any settlement involving a financial payment, The Australian Newspaper reported.
The damages were increased due to Mr Targett claiming that poor references from ANZ had stopped him succeeding in a new position in Eastern Europe sooner; Mr Targett finally was employed as the head of the Bank of Beirut’s British operations at the end of 2009.
The claim also related to the difference in earnings from if he had of continued his employment at Lloyds TSB.
ANZ had previously said that it had no intention of settling the claim, could announce the settlement as soon as Monday.
However, a spokesman for the bank said yesterday it believed it had a strong case and it would not consider any settlement involving a financial payment, The Australian Newspaper reported.
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