A former employee has withdrawn a lawsuit against the Australian bank.

Australia and New Zealand Banking Group confirmed this week that former employee Etienne Alexiou has withdrawn his legal action against the bank. The bank has not paid any money to the man to settle the case, it said.

Each of the parties will pay their legal costs, ANZ said in a statement. 

“The closure of this case means all legal action initiated by employees who were dismissed in late 2015 for serious breaches of our code of conduct has been withdrawn. While it’s disappointing our business and our people have been unfairly subjected to a series of unfounded claims, ANZ will continue to take an uncompromising stance to legal disputes of this nature where it considers them to be without merit,” said Nigel Williams, chief risk officer at ANZ.

According to media reports, Alexiou’s lawsuit was for A$30 million ($22.9 million). He says he dropped the case to protect his family rather than because he was not able to win the lawsuit, media reports said. He was fired in 2015 over “explicit online chats with other traders and he claimed in his unfair dismissal case to have been exposed to a culture that was inconsistent with ANZ's code of conduct,” a report by the Sydney Morning Herald said.

Alexiou was initially suspended in 2014 as the Australian Securities and Investments Commission investigated allegations ANZ had manipulated the bank bill swap rate, the report said.