Former Merrill Lynch wealth management head Robert McCann is in talks to settle his lawsuit against Bank of America – now owner of Merrill – which will enable him to join UBS as chief of its wealth-management business in the Americas, Bloomberg said, citing people familiar with the matter.

Neither BoA nor UBS were available to comment to WealthBriefing at the time of going to publication.

As previously reported, Mr McCann sued BoA earlier this week to force the company to release him from exit terms that keep him from taking another job. The Charlotte, North Carolina-based bank fired him without cause after rejecting his resignation, making the bank unable to enforce a non-compete clause, Mr McCann reportedly said in a suit filed in New York State Supreme Court.

Bank of America completed its $18.5 billion acquisition of Merrill Lynch in January, and Mr McCann announced plans to leave less than a week later. He said in the suit that he left for “good reason” after his role was “severely diminished” and he didn’t get a bonus.

UBS has been negotiating with Mr McCann to head the Americas wealth-management unit, the news service said.