An update on Robert McCann’s lawsuit challenging a non-compete agreement he entered into with Merrill Lynch. McCann wants to work for UBS, but BofA won’t let him. BofA lawyer Steven M. Kayman’s take on the lawsuit:
This man signed a contract. He got paid a substantial amount of money for it. Now he wants the
It’s been a few weeks since I’ve discussed BofA but once again the company is involved in litigation, this time over a non-compete. This time, BofA is on the receiving end of a lawsuit filed by Robert McCann, former head of Merrill Lynch’s wealth management unit. McCann’s lawsuit challenges the enforceability of a non-compete he entered into
Despite indications that it would join The Broker Protocol last year when it acquired Merrill Lynch, BofA has yet do so. The Protocol, which has been frequently discussed in this blog, allows departing brokers/advisors leaving a firm to avoid claims for breach of non-compete or non-solicit agreements.
A Merrill Lynch spokesman has indicated that Merrill