Former senior ANZ trader Etienne Alexiou has lost his $100 million whistleblower and unfair dismissal case against the bank but succeeded in a claim relating to clawed-back shares.
Alexiou was dismissed as ANZ’s global head of balance sheet trading in September 2015. ANZ maintained he was fired over lewd Bloomberg messages sent to colleagues, while Alexiou alleged he was dismissed for raising concerns about the suspected manipulation of the bank bill swap rate.
Following a six-week trial, Federal Court Justice Nye Perram rejected Alexiou’s unfair dismissal and whistleblower claims but found ANZ’s clawback of his deferred equity breached his employment contract.
Alexiou had sought more than $100 million for damages and lost earnings. His claim included up to $13.5 million in clawed-back shares, forfeited equity and cash awards, including $2.8 million in shares.
The amount he will receive remains unclear, although the value of the clawed-back shares could reportedly exceed $5 million with interest.
Justice Perram embargoed his reasons for two weeks to allow the parties to make submissions about costs and possible redactions.
“ANZ welcomes the Federal Court’s judgment on Mr Alexiou’s core claims,” an ANZ spokesman said.
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