Ex-ANZ trader Etienne Alexiou loses court bid to add ‘fresh’ elements to case
An ex-ANZ trader has lost a bid to add fresh elements to a lawsuit against his former employer concerning allegations he was involved in market manipulation.
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Ex-ANZ trader Etienne Alexiou has lost his bid to add fresh elements to his lawsuit against the banking major concerning allegations he was involved in a market manipulation scandal.
Federal Court judge Nye Perram criticised Mr Alexiou’s failure to explain why he wanted to add fresh allegations into his claim last year, since the matter has been running on-and-off since 2016.
“Mr Alexiou initially commenced a different proceeding in this Court on 16 November 2015,” Justice Perram said. “The general thrust of the allegations in that case is similar to the allegations now made in this proceeding. This earlier proceeding was discontinued on 12 July 2016. Mr Alexiou’s proposed pleading states (he) did so because the proceeding was affecting his mental health and his family.
“The current case was commenced in July 2020, four years later. The current application relates to a proposed third, further amended, statement of claim. Including the pleadings which were filed, Mr Alexiou has along the way provided the bank with 11 different iterations of his pleading.”
ANZ alleged Mr Alexiou was fired in 2015 due to offensive communications he sent via Bloomberg, but the ex-banker claimed he was actually sacked for blowing the whistle on nefarious conduct which allegedly took place at the bank.
The only change Mr Alexiou will be allowed to make to his case is his pursuit of a Nine journalist in a bid to work out how his identity was made public.
Mr Alexiou claimed the bank knew he had warned them about the conduct when it published a press release in November 2014 which said seven traders were stood down amid an investigation by the corporate watchdog into possible market manipulation, Justice Perram said.
“It is apparent from (a part) … of the proposed draft pleading that Mr Alexiou alleges that the bank made a comment to the media and at that it intended and expected that its comment would convey, inter alia, that he was one of the stood down traders,” he said.
Nine only produced the email under subpoena to Mr Alexiou in September last year. The email was from then-ANZ head of media relations Stephen Ries, which Mr Alexious claimed “conveyed” he was one of the seven stood down traders.
Mr Alexiou’s legal team is also trying to ascertain the source of Nine’s stories, according to Justice Perram’s judgment.
“Apart from those relating to (a Nine journalist), the amendments could have been pursued at any time since the proceeding was commenced including as part of the 11 different iterations of the pleadings which Mr Alexiou’s advisers have articulated across that period,” he said. “Mr Alexiou should not be granted leave to amend his pleading to the extent that the amendments were opposed by the bank, save in relation to the allegations concerning (a Nine journalist) in respect of which there has been no relevant delay.”
Two articles were published by the Australian Financial Review and Sydney Morning Herald which explicitly identified Mr Alexiou, the judgment says.
Mr Alexiou wanted to allege — but will not be allowed — ANZ knew he would be identified as one of the seven traders and the imputations contained in its press release would be attributed to him.
Mr Alexious also wanted to allege that in 2015, when the bank provided a comment to the media, it “did not include any qualification of the earlier press release imputations to the effect that Mr Alexiou was not a target of ASIC’s investigation”.
The matter is listed for a six-week trial in September.
Originally published as Ex-ANZ trader Etienne Alexiou loses court bid to add ‘fresh’ elements to case
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