BofAAgrees to Settlement With Former Executive Omeed Malik
This article is for subscribers only.
Bank of America Corp. agreed to pay an undisclosed multimillion-dollar sum to settle claims of defamation brought by former executive Omeed Malik, who was fired by the bank earlier this year, according to a person familiar with the matter.
The settlement comes in response to a claim Malik brought in April, said the person, who asked not to be identified because the agreement isn’t public. Malik sought $100 million in an arbitration case against the company filed with the Financial Industry Regulatory Authority and planned to bring a discrimination lawsuit in state court, his lawyer said at the time.