Some 'garden leave' agreements that Wall Street uses to protect secrets are expected to survive the FTC's new noncompete ban, but some probably won't.
" agreements that Wall Street firms use to protect their secrets are expected to survive a new noncompete ban from the Federal Trade Commission .The FTC’s ban leaves "an open question" as to whether all garden leave provisions would be enforceable, saidby making it easier for millions of US workers to leave their existing jobs to work for a competing company or start their own.
"I suspect that the FTC would consider some garden leave periods to be post-employment noncompetes and take the position that they are invalid and unenforceable under the rule," Marquardt said. There is another important exception. The FTC’s rule doesn't apply to noncompete agreements already reached with company CEOs, presidents, and senior business executives who have "policymaking" authority and are paid more than $151,164 per year.
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