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 court’s permission to break it.
The Judge has reserved ruling and encouraged the parties to settle. Turns out McCann left Merrill when he did not receive a bonus in 2007. This was after a $6.85 M bonus in 2005 and $8.85 million in 2006. Not so sure a jury would be very sympathetic.