Fired trader drops legal action

A trader fired by Australia & New Zealand Banking Group last year for sending offensive messages has dropped his legal action against the bank.

Bloomberg News reports that the bank won’t make any payment to Patrick O’Connor and each party will meet their own legal costs, the lender said in a statement Friday.

O’Connor was among seven traders suspended by the bank in November 2014 amid a regulatory probe into the setting of Australia’s interbank interest-rate benchmark. As it sifted through the traders’ emails amid the BBSW probe, ANZ discovered messages that violated its policies.

O’Connor, and Etienne Alexiou, ANZ’s former head of balance sheet trading, were both dismissed and sued the bank for lost income and bonuses. In documents lodged with the court, they claimed senior managers condoned a culture of rule-breaking in which foul language and drunken behaviour went unpunished.

To access the complete Bloomberg News article hit the link below:

ANZ Bank Says Former Trader Drops Legal Action Over Dismissal

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