AAP
ANZ Banking Group Ltd said former institutional bank group managing director Steve Targett has dropped his $57 million lawsuit against the bank.
ANZ said Mr Targett had agreed to discontinue his legal action, and a deed of release signed by him was received by the bank on Tuesday.
"No payment will be made by ANZ to Mr Targett and each party will meet their own legal costs," ANZ said in a statement on Tuesday.
"ANZ has consistently maintained Mr Targett's case was without merit."
Mr Targett ran ANZ's institutional banking division for three years before resigning on June 7, 2007, five days before the bank appointed Mike Smith to succeed John McFarlane as chief executive.
Mr Targett sued ANZ for allegedly misleading and deceptive conduct and breach of contract, claiming the bank misled him about the state of the institutional banking division and his career prospects.
He alleged he was lured from a senior post at Lloyds TSB in London by ANZ which promised he may succeed Mr McFarlane as chief executive.
Mr Targett launched his lawsuit against ANZ in September 2007, seeking $57 million in pay which he claimed he would have received had the bank appointed him to the chief executive role.
Mr Targett now runs the UK operations for the Bank of Beirut.
