FTC Approves Final Rule Banning Noncompete Agreements
April 24, 2024
On April 23, 2024, the Federal Trade Commission (“FTC”) approved a proposed final rule that would effectively ban noncompete clauses in employment contracts. In issuing the final rule, the FTC stated that noncompete agreements are an “unfair method of competition” that constitute a violation of Section 5 of the Federal Trade Commission Act. The Rule is set to take effect 120 days from its entry…