Merrill Lynch former brokerage head Robert McCann settled a lawsuit with Bank of America, the biggest US bank by assets, clearing the way for him to potentially take a new job at UBS AG.
McCann sued Aug. 24 to push the bank into releasing him from a contract provision that restricted his ability to take a job with a rival.
He alleged the bank fired him without cause after rejecting an offer to resign, part of “vengeful conduct intended to both punish and humiliate” him for trying to quit, according to papers filed in New York state court in Manhattan.
“My client, Robert McCann, can go back to work in late October and he looks forward to his future,” his lawyer, Steven Eckhaus of Katten Muchin Rosenman LLP, said. “We think it was a good decision by both sides.”
McCann declined comment on the accord through his lawyer, who said the terms are confidential.