Bank of America

  • Omeed Malik, a former senior banker in Bank of America’s prime brokerage department, is suing his ex-employer for $100 million for “overt and career-killing defamation.”
  • Malik was fired in January amid sexual misconduct allegations.
  • Bank of America says the claims are baseless and that it stands by its decision.

A Bank of America Merrill Lynch executive who was fired over sexual misconduct allegations is suing his former employer for $100 million, according to a report by CNBC

Omeed Malik, a managing director and senior banker in the prime brokerage department, was fired in January amid allegations from female employees that he made unwanted advances.

He’s now suing the firm for defamation and seeking as much as $100 million in damages. Malik’s lawyer told CNBC he suffered “overt and career-killing defamation” that is “unprecedented in the annals of Wall Street history.”

Bank of America told CNBC it stood by its decision and that Malik’s claims are without merit.

Malik this week also filed an arbitration claim against the bank with the Financial Industry Regulatory Authority (FINRA), and he separately plans to file a discrimination complaint against the company in New York state court, according to the report. 

Two other employees in Bank of America’s prime brokerage — which provides services to hedge funds — have since been fired for interfering with the investigation into Malik’s alleged misconduct.

Read the full story at CNBC.

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