Former Capital One Execs Pay $20M To End Noncompete Suit

Law360, New York (June 19, 2012, 8:19 PM EDT) -- Two former Capital One Financial Corp. officers agreed Tuesday to pay $20 million to settle the bank's suit accusing them of breaching a noncompete agreement when they planned to move into the New York City market with their new employer, BankUnited Inc.

In a notice of settlement filed in the Eastern District of Virginia, John A. Kanas and John Bohlsen said they would pay their former employer a total of $20 million, while denying liability and admitting no wrongdoing.

The pair joined Capital One and entered...
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