Wolfspeed Sues Navitas Over GaN and SiC Patent Infringement 
Samsung to Launch First Yongin Chip Plant by 2029 as South Korea Speeds Up Semiconductor Hub 
Nippon Paint Reportedly Offers Up to €7.5 Billion for Akzo Nobel Decorative Paints Business 
TSMC Q2 Revenue Surges 36% as AI Chip Demand Powers Growth Ahead of Earnings 
DOJ Grand Jury Investigates UAW President Shawn Fain Ahead of Union Election 
Stellantis Q2 Vehicle Shipments Rise 10% as North America Drives Growth 
Apple Challenges India Antitrust Probe, Says CCI Copied Rivals’ Claims in App Store Case 
Trinidad Businessman Dominic Hadeed Appeals Detention Over Alleged Assassination Plot 
Oppenheimer Sees CNH Industrial as Top 2026 Agriculture Stock Pick on Dealer Consolidation Strategy 
Muji Owner Ryohin Keikaku Stock Soars After Raising Full-Year Earnings Forecast 
Morgan Stanley Names Marks & Spencer Top European Retail Pick, Sees Strong Upside 
Levi Strauss Raises 2026 Outlook After Q2 Earnings Beat, Shares Drop Despite Strong Results 
Bayer Wins Major U.S. Supreme Court Roundup Lawsuit, Shares Surge 
Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
Judge Orders $5.8 Million Payment to E. Jean Carroll After Trump Loses Appeal Bid 
DOJ Subpoenas New York Times Journalists Over Air Force One Leak Report 
Former ANZ Group CEO Shayne Elliott has launched legal action against the Australian banking giant, accusing it of breaching the terms of his departure contract after stripping him of bonuses valued at A$13.5 million. The dispute, which has escalated to the New South Wales Supreme Court, centers on Elliott’s remuneration outcomes for the 2025 financial year.
ANZ confirmed on Friday that it will vigorously defend the case, which relates to bonus and incentive reductions imposed on Elliott and several other senior executives. The cuts followed ANZ’s agreement to pay a A$240 million civil penalty to Australian regulators over systemic misconduct, including unconscionable conduct in a government bond transaction and the long-running issue of charging fees to deceased customers.
Elliott, who served as ANZ’s chief executive for nearly a decade until stepping down in May 2025, said the bank had entered into a “clear, unambiguous agreement” governing the terms of his exit. In a statement emailed to Reuters, he said he expected those contractual obligations to be honored. Elliott added that he had already offered to forgo his 2024 bonus and incentive payments, but would now seek a court declaration that ANZ breached its contract by withholding his 2025 entitlements.
The ANZ board has maintained that its decision was justified. Chairman Paul O’Sullivan said the board had been deliberate and considered in assessing remuneration outcomes and remained confident in its legal position. According to ANZ, awarding Elliott a zero bonus for 2025 was appropriate given the bank’s overall performance and his accountability as former CEO for non-financial risk failures.
The remuneration cuts extended beyond Elliott, with current and former executives collectively losing about A$32 million in bonuses, as detailed in ANZ’s annual report. Despite the reductions, a recent proxy advisory report indicated that Elliott still retains approximately A$7.9 million in long-term incentive payments.
The case adds to ongoing scrutiny of executive pay, corporate governance, and accountability in Australia’s banking sector, particularly in the wake of regulatory penalties and misconduct findings.
