Australia's ANZ settles with India's Oswals, takes $111 million hit

Indian couple wanted A$2.5 billion from the bank following a dispute over its role selling their stake in Burrup Fertilisers in 2010.

Australia and New Zealand Banking Group Ltd said it will take a A$145 million ($111 million) charge after reaching a settlement with an Indian couple who sued over the bank's role in an asset sale.

The couple, Pankaj and Radhika Oswal, wanted A$2.5 billion from the bank following a dispute over its role selling their stake in Burrup Fertilisers in 2010, ANZ said in a statement on Thursday.

The bank and the Oswals have now reached a settlement, the bank added, noting that the terms of the settlement remain confidential. ANZ, Australia's third biggest lender, said it will take a pre-tax provisional charge of about A$145 million at its upcoming 2016 full year results.

-"ANZ does not accept many of the claims made in court and we completely reject the allegations made against our staff,-" ANZ Chief Executive Officer Shayne Elliott said in the statement.

-"However, we believe the settlement is the right decision for shareholders bearing in mind the residual risks in a case of this size and complexity,-" Elliott added.