Ex ANZ exec speaks of legal battle
(12 March 2010 – Australia) Steve Targett, ANZ’s former institutional banking chief, has spoken out about his case with the big four giant ANZ, describing the three year war with the bank as ‘David against Goliath’.
In a statement released by his lawyers, Mr Targett said that the battle with ANZ was on every front; adding that he had to obtain court orders for the production of documents that were fundamental to his case.
The Australian reported that Mr Targett said that he may have been ‘David up against Goliath’ but he was surprised at the extent to which ANZ departed from the general notions of fairness and good corporate citizenship.
Mr Targett also added that he did not get his day in court, and that several key documents to assist his case no longer exist.
An ANZ spokesman said that it was Mr Targett's decision to end his legal case and had he wanted his day in court, there was a date set for March 16.
Mr Targett said that his responsibilities in his new employment at the Bank of Beirut meant he no longer had time to pursue his dispute with ANZ; leading to the settlement of the A$57 million case and a signed deed releasing the bank being handed over.
Mr Targett said he was faced with the ANZ using every opportunity and all its resources to win. It lost sight of what was fair and equitable.
The Australian reported that Mr Targett said that he may have been ‘David up against Goliath’ but he was surprised at the extent to which ANZ departed from the general notions of fairness and good corporate citizenship.
Mr Targett also added that he did not get his day in court, and that several key documents to assist his case no longer exist.
An ANZ spokesman said that it was Mr Targett's decision to end his legal case and had he wanted his day in court, there was a date set for March 16.
Mr Targett said that his responsibilities in his new employment at the Bank of Beirut meant he no longer had time to pursue his dispute with ANZ; leading to the settlement of the A$57 million case and a signed deed releasing the bank being handed over.
Mr Targett said he was faced with the ANZ using every opportunity and all its resources to win. It lost sight of what was fair and equitable.
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