The US wealth manager accused Kanas and Bohlsen for breaching the terms of certain non-compete arrangements, they entered into with Capital One in 2007.
As per the settlement document, Kanas and Bohlsen have agreed to compensate $20m to Capital One but denied any liability and have not accepted any wrongdoing.
Although not a party to the lawsuit, BankUnited, for which Kanas serves as chairman and chief executive officer and Bohlsen serves as vice chairman and chief lending officer, joined to settle the dispute.
BankUnited said that the provisions in the settlement agreement will not have any material financial impact on the company or on its strategic plans in the Tri-State area.
Capital One was represented by Gibson, Dunn & Crutcher LLP and Murphy & McGonigle while John Kanas and John Bohlsen were represented by Boies Schiller & Flexner LLP and James Rodio.
Headquartered in McLean, Virginia, Capital One Financial had $216.5bn in deposits and $294.5bn in total assets outstanding as of 31 March 2012.
