Former CEO Shayne Elliott abandons litigation against ANZ

The news: The former chief executive of ANZ, Shayne Elliott, has abandoned his legal action against the bank, with no settlement struck between the parties.

On Tuesday, ANZ confirmed Elliott had discontinued his action seeking to claw back his bonuses. The ANZ board decided last year to withhold bonuses for ANZ executives for the 2025 financial year following a string of regulatory failures, with the accountability push costing Elliott $13.5 million alone, and impacting former and current executives. Elliott's successor Nuno Matos also opted to forfeit his short-term bonus.

“As part of discontinuation, ANZ confirms that no payments or commitments were made to Mr Elliott with both parties bearing their own costs,” the bank said in a statement.