McCann settles with Bank of America

October 1, 2009 | By Jim Kim

Recall that Bob McCann was set to run the wealth management unit at UBS (UBS)--until his noncompete agreement with Bank of America (BAC) got in the way. He went to court to get the bank to lift some restrictions, allowing him to take what he described as the job of a lifetime. The former head of Merrill Lynch's Thundering Herd is apparently pleased with a ruling that let's him start work in October, reports Bloomberg.

His lawyers seem pleased. The terms are confidential. But this puts to bed what was becoming an ugly test of wills. He claimed Bank of America fired him after he tried to resign. It was downhill from there. In the end, he gets a four-month reprieve. His noncompete would have expired in January.

For more:
- here's the article