A week or so ago we were wondering why Bob McCann hadn’t yet been named as the head of UBS’s wealth management business.
Now a lawsuit may answer that question. McCann, who ran Merrill Lynch’s financial advisers prior to the merger with Bank of America, is suing the Bank of America over non-compete terms in his contract. His lawsuit menions a “once in a lifetime” job but doesn’t identify where that job is.
McCann claims that he left his position at Merrill for “good reason” in early January, entitling him to join a competing company after six months of paid leave, according to the Financial Times.
“In his suit, Mr McCann alleges that BofA’s position is that he was terminated in late January and should have to wait one year before taking a job at a competing company. He further claims that BofA has stopped paying him.
Bank of America declined to comment.
The suit also claims that under the terms of Mr McCann’s contract with Merrill he was entitled to compensation of $42m in the event of a change of control. Mr McCann’s suit alleges that BofA wants to enforce the one-year non-compete portion of the covenant even though he had waived his claim to the $42m.
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