Capital One, John Kanas and John Bohlsen Agree to Settle Lawsuit

Capital One Financial Corporation COF, John A. Kanas, John Bohlsen and BankUnited, Inc. BKU jointly announced today that they have reached an agreement to settle the lawsuit commenced by Capital One against Kanas and Bohlsen in July 2011 in the United States District Court in the Eastern District of Virginia. Capital One alleged that Kanas and Bohlsen breached the terms of certain non-compete arrangements that they had entered into with Capital One in 2007. Under the settlement, Capital One will receive $20 million, which amount Kanas and Bohlsen have agreed to pay. Other agreed upon restrictions are detailed below. Although not a party to the lawsuit, BankUnited, Inc., for which Kanas serves as Chairman and Chief Executive Officer and Bohlsen serves as Vice Chairman and Chief Lending Officer, joined the settlement solely with respect to the specific obligations that apply to it. In agreeing to settle the lawsuit, Kanas and Bohlsen denied any liability and made no admission of wrongdoing.