Boston Partners settled its lawsuit with founding partner Wayne Archambo, who will join BlackRock Jan. 1 as a managing director. The settlement was reached Friday. The case had been set for trial today, said Mr. Archambos attorney, Jeffrey Upton of Hanify & King.
Boston Partners sued Mr. Archambo in July to enforce a non-compete clause in Mr. Archambos contract after he resigned from Boston Partners and joined BlackRock. While Mr. Archambo will be able to join BlackRock in January, other terms of his employee contract are in effect until Aug. 25, according to a statement issued by Boston Partners and Mr. Archambo. Further terms were not disclosed.
Mr. Archambo will head BlackRocks small-cap and midcap value team, said Robert Connolly, general counsel and managing director at BlackRock.