Robert McCann, the former Merrill Lynch brokerage head is to ask a New York State judge to grant him “emergency” relief that will force Bank of America to let him take another job. Bank of America fired McCann without cause after rejecting his offer to resign, part of “vengeful conduct intended to both punish and humiliate” him for trying to quit the bank, McCann said in court papers. Bloomberg reported McCann sued the bank in New York State Supreme Court last month, arguing he will suffer “irreparable harm.” He seeks an immediate lifting of the non-compete clause from Justice Melvin Schweitzer in Manhattan. A hearing is scheduled today. “Bank of America is now threatening to enforce a non-competition clause and prevent me from accepting the opportunity to go back to work in a ‘once in a lifetime’ role,” McCann said. “At age 51, given the recent contraction in the financial industry and the concomitant scarcity of senior positions, it is fair to say that I may never see a job opportunity like this again,” he said. McCann announced plans to leave Bank of America in January, less than a week after the company completed its $18.5 billion acquisition of Merrill Lynch. He said in the suit that he left for “good reason” after his role was “severely diminished” and he didn’t get a bonus following the sale. After initially saying McCann’s resignation would be effective in July, the bank fired him in February. Steven Eckhaus, McCann’s lawyer, said his client will ask in court today for Schweitzer to lift Bank of America’s non- compete clause. Eckhaus wouldn’t say what position McCann would like to take if the judge grants his request. However, UBS, Switzerland’s largest bank, was close to hiring McCann as head of its wealth management unit in the Americas, it was reported earlier.
McCann Calls on Judge to Remove BoA’s Non-Compete Clause
Bank of America fired McCann without cause after rejecting his offer to resign, part of “vengeful conduct intended to both punish and humiliate” him for trying to quit the bank, McCann said in court papers.
September 16, 2009