Greg Fleming left Bank of America Merrill Lynch (BAC: 16.1799, 0.3299, 2.08%) nearly a year ago, but he continues to wrangle with his old firm over compensation. Fleming, sources tell Fox Business, believes BofA owes him as much as $20 million stemming from a change-of-control clause in his contract with Merrill Lynch, which BofA acquired in September 2008.
Fleming, a long-time Merrill executive who served as president under former Merrill CEO Stan O’Neal, is one of Wall Street’s most respected executives. He recently took a job running the asset-management business of Morgan Stanley (MS: 27.5234, 0.1234, 0.45%), but may be best known for arranging Merrill’s controversial sale to BofA during the height of the financial crisis in 2008. People close to Morgan Stanley say he may eventually become the firm’s president, serving under current CEO James Gorman.
Full story: Former Merrill Exec Fleming Seeks $20 Million from BofA via FOXBusiness.com