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New York Business Journal Quotes Michael Passarella on How the FTC's Noncompete Ban Would Impact Wall Street

February 6, 2023

Olshan Employment Partner Michael J. Passarella was quoted in New York Business Journal (subscription required) on the Federal Trade Commission’s proposed ban on noncompete clauses and the potential implications for individuals in the financial services sector. The ban would apply to all employees, across all industries, and in almost any circumstance. It is predicted that when the ban undergoes public comment, it will be met with resistance due to its broadness and scope. Michael said among the potential alternatives is to implement the ban on only highly paid or highly skilled workers. “[There are] a lot of unanswered questions, and I would expect that whatever rule does come into place will almost certainly be challenged through the court system,” he said in reference to the public response to the ban. When asked how employers should react, specifically with protecting intellectual property and trade secrets, if the FTC ban were to be implemented, he said, “Employment practitioners would really have to become even more expert on trade secret protection because I think that would be how the battlefield would shift.”


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