Robert McCann has settled his lawsuit with his former employer Bank of America/Merrill Lynch today, clearing the way for him to possibly head up the U.S. brokerage arm of UBS.

The announcement came from McCann's lawyer, Steven G. Eckhaus, a partner at New York-based law firm, Katten Muchin Rosenman. McCann "can return to the financial services industry at the end of this month," Eckhaus told On Wall Street in a brief telephone interview. He wouldn't discuss any monetary figures of the settlement or which company McCann might be considering.

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