A sacked employee at ANZ bank has dropped his million-dollar damages lawsuit against his former employer, the bank said.
Trader Patrick O'Connor was sacked along with his colleague Etienne Alexiou last year by ANZ Banking Group for "serious breaches of ANZ's code of conduct, policies and values".
In separate claims, Mr Alexiou was seeking $30 million while Mr O'Connor was claiming $5 million for damages, lost bonuses and lost income following their dismissal.
"No payment will be made by ANZ to Mr O'Connor and each party will meet their own legal costs," the bank said in today's statement.
"ANZ is committed to taking disciplinary action where it finds instances of unacceptable behaviour.
"This includes an uncompromising stance with former employees where the bank considers legal disputes instigated by them to be without merit."
There was no news on Mr Alexiou's legal action on Friday.