Former ANZ chief drops legal proceedings over $9.5 million bonus cut (updated)

ANZ group

24/02/2026 02:06

Adds details and background in paragraphs 3, 4

Feb 24 (Reuters) - ANZ Group ANZ.AX said on Tuesday that former CEO Shayne Elliott has dropped legal proceedings against the Australian lender over bonuses worth A$13.5 million ($9.52 million).

The bank confirmed that no payments or commitments were made to Elliott, with both sides agreeing to cover their own legal costs.

The ANZ board had previously cut Elliott's and other executives' bonuses after the bank agreed to pay a A$240 million civil penalty to regulators last September for systemic failures, including acting "unconscionably" in a government bond deal and charging deceased customers.

Last December, Elliott had launched legal action against ANZ in the New South Wales Supreme Court, alleging that the bank breached his departure contract by stripping him of bonuses.

A spokesperson for Elliott did not immediately respond to a Reuters' request for comment.

 (Reporting by John Biju and Shivangi Lahiri in Bengaluru; Editing by Sherry Jacob-Phillips)

 ((Shivangi.Lahiri@thomsonreuters.com;))