Australia and New Zealand banking group is facing a controversial $30 million lawsuit from two sacked traders who claim that their behavior was a result of the company's explicit culture on drugs and women.
The major lender is experiencing a controversial legal issue within its upper level management, as two fired traders have divulged an alleged "toxic culture." Reuters reports that The Australian Financial review published court documents submitted by Etienne Alexiou and Patrick O'Connor, the two fired traders, stating that an unhealthy culture exists within the higher management ranks of the Global Markets division.
Alexiou's termination was due to his inappropriate language found in his communication through Bloomberg terminals. ANZ stated that O'Connor was fired for using the company-issued credit card. Together, O'Connor and Alexiou are suing Australia's third biggest bank for $30 million.
According to the court documents filed by Alexiou, a senior ANZ markets trader verbally commented "what a waste, it should have been sprinkled on a birthday cake." "It" refers to a "white substance" that was found in the toilet of the bank's dealing room floor, reports HC Online.
Alexiou added that the atmosphere on the bank's dealing floor did not follow the company's official code of conduct. Alexioud also mentioned that Eddie Listorti, ANZ's acting head of global markets, repeatedly portrayed behavior inconsistent with ANZ's code of conduct.
Meanwhile, O'Connor is filing a separate case against the bank after being let go for amassing AU $37,000 worth of expenses in a span of 12 months. O'Connor allegedly charged personal expenses to the account, which included his rent, healthcare payments and A$18,000 worth of rare coins.
ANZ has already released a statement regarding the matter, stating that the claims of the ex-employees as "inaccurate."
"In relation to the application filed with the Federal Court, all matters raised here have either been investigated or are under current investigation. We have already identified that many of the allegations made in both claims are not accurate and these inaccuracies will become apparent as the matters proceed through court system," stated ANZ, in a report by Reuters.
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