ANZ Former CEO Elliott Sues Australian Bank Over Bonus Cuts

The former chief executive officer of ANZ Group Holdings Ltd. has taken the bank to court over millions of dollars in bonuses which were withheld due to scandals that emerged under his watch.

The Australian lender said it is confident in its position against Shayne Elliott and will defend the matter “vigorously,” according to an ANZ statement on Friday. Current and former senior executives took hits to bonuses, with Elliott forfeiting A$13.5 million ($9 million), for failures that resulted in regulatory penalties and extra capital requirements.