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Former trader withdraws legal action against ANZ

Another former Australia & New Zealand Banking Group Ltd. traderdropped his case against the bank, closing all legal action against the bankinitiated by former employees dismissed for serious breaches of conduct.

ANZ said July 12 that Etienne Alexiou withdrew his legalaction against the bank and that no money was paid to Alexiou.

Alexiou, along with another former trader Patrick O'Connor, suedthe bank for unfair dismissal after being fired for inappropriate conduct.Alexiou had allegedthat there was a prevalent culture in the bank's global markets division thatcondoned behavior inconsistent with the bank's code of conduct. Alexiou wasfired in September 2015 for the use of highly offensive language in emails.

O'Connor had dropped his legal dispute against the bank in January.