Minnesota Lawyer and Finance & Commerce – Partner Content Authors: Dan Hall and Samantha Buckman On April 23, 2024, the Federal Trade Commission announced a final rule that, if upheld, will ban noncompetition clauses nationwide. The rule, which is scheduled to become effective 120 days after its publication in the Federal Register, would prevent the enforcement of existing noncompetition clauses – with limited exceptions – while prohibiting new noncompetition clauses in the future. The FTC rule, if it goes into effect, will be more expansive than Minnesota’s existing state ban on non-compete agreements, which took effect on July 1, 2023. See Minn. Stat. § 181.988. Unlike the Minnesota state law prohibition, which applies only prospectively, the FTC rule is retroactive and invalidates existing non-compete agreements. Both the...
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This article originally appeared in Business Law Today, a publication of the American Bar Association Business Law Section. Reproduced with permission. Author: Joseph T. Janochoski Adversity in business is a frequent occurrence; disagreements arise, personalities clash, and goals diverge as companies grow and change over time. Sometimes that adversity leads to a need to winddown or separate business interests, which can be a thorny subject for lawyers and...
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