Capital One Sues BankUnited CEO John Kanas
15 7월 2011 - 7:54AM
Dow Jones News
Capital One Financial Corp. (COF) is taking its former head of
banking, John Kanas, to court.
Kanas, now the chairman and chief executive of BankUnited Inc.
(BKU), agreed not to compete with Capital One in the New York
market when he left his former employer, according to disclosures
from both companies. BankUnited agreed in June to buy Herald
National Bank (HNB) of New York.
Capital One alleged in a suit filed Thursday in the U.S.
District Court for the Eastern District of Virginia that Kanas
violated the noncompete agreement, and asked the court to enforce
it.
A spokeswoman for Capital One said, "We fully support legitimate
competition in the banking industry, but we expect noncompete
agreements negotiated in good faith to be honored in full."
Kanas couldn't immediately be reached for comment.
Kanas was chairman and chief executive of North Fork Bancorp.,
and was instrumental in selling the Melville, N.Y., bank in 2006 to
Capital One. He initially stayed with his new employer.
Kanas subsequently left, and in 2008 started to pursue
struggling BankUnited, which failed in 2009 and was bought from the
Federal Deposit Insurance Corp. by a group of private-equity
investors led by Kanas.
-By Matthias Rieker, Dow Jones Newswires; 212-416-2471;
matthias.rieker@dowjones.com
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