Ex-BofA Manager Malik Seeks $100 Million in Defamation Claim
(Bloomberg) -- Former Bank of America Corp. prime brokerage executive Omeed Malik is seeking more than $100 million in a defamation claim against the firm and plans to sue it for discrimination as well, according to his lawyer.
Malik, who left Bank of America in January, filed an arbitration claim this week against the company with the Financial Industry Regulatory Authority, attorney John Singer at Singer Deutsch LLP said Friday in a telephone interview. The executive, who is of Middle Eastern descent, also plans to bring a discrimination lawsuit in state court, the lawyer said.
Read more: Malik says he’s the victim after ousters
The Charlotte, North Carolina-based bank plans to dispute Malik’s allegations.
“The bank stands by its decision to terminate Mr. Malik,” company spokesman Bill Halldin said in a statement. “His claims are without merit and we will vigorously defend ourselves in this matter.”
Malik left Bank of America after the firm began investigating a woman’s allegation he had made unwanted advances, a person familiar with the matter said in January. In February, an attorney for Malik said the executive hadn’t engaged in any misconduct and that the firm had suppressed evidence showing the accusations weren’t credible.
“His claims relate to the defamation that occurred, failure to get his bonus and the cancellation of deferred compensation,” Singer said Friday. “The claims in their entirety are in excess of $100 million. The overwhelming majority is attributable to the defamation."
CNBC reported the legal claims earlier on Friday.
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