ANZ will defend multi-million dollar legal actions by two sacked employees who allege the bank condoned a culture of sex, drugs and drunken antics among senior traders.
Two traders, Etienne Alexiou and Patrick O'Connor, were fired last year for "serious breaches of ANZ's code of conduct, policies and values".
In separate claims, Mr Alexiou is seeking $30 million and Mr O'Connor $5 million in damages, lost bonuses and lost income following their dismissals.
ANZ chief risk officer Nigel Williams said Mr O'Connor's dismissal stemmed from abuse of a company-issued credit card and both Mr O'Connor and Mr Alexiou's dismissals related to highly inappropriate and offensive electronic communication.
But in statements of claim lodged in the Federal Court, both men have argued their behaviour was consistent with others inside an organisation which "condoned and promoted" their conduct.
Mr Alexiou sent hundreds of emails and chat messages between 2011 and 2013 containing offensive language, obscene comments about women and references to drugs and strip clubs.
But Mr Alexiou alleged that during that period, he was taken to a Sydney lap-dancing bar by a senior executive and later spotted a "white substance" in the toilets of the bank's dealing room.
He also alleged a group of senior managers got drunk at an ANZ conference in the Hunter Valley and caused significant damage after driving a vehicle onto the golf course.
There was a toxic culture within the senior ranks of the global market division at odds with the bank's code of conduct, Mr Alexiou alleged.
ANZ claimed Mr O'Connor repeatedly used his corporate credit card for personal expenses and cash advances after his own cards had bounced.
Mr O'Connor argued he was being punished for participating in a "toxic and unsafe" culture ANZ had created, supported and encouraged.
Mr Williams said ANZ would vigorously defend both court applications.
"Mr O'Connor and Mr Alexiou's claims are difficult to read for us at ANZ but common sense says their behaviours are not consistent with our code of conduct and cannot be tolerated," he said in a statement.
Mr Williams said the bank was investigating or had already investigated allegations made by the men in relation to other ANZ staff.
"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 the court system," he said.
It comes as the corporate watchdog, ASIC, investigates the Australian Bank Bill Swap Rate market.
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