Noncompetes Banned: The Federal Trade Commission (FTC) issued a final rule banning noncompete agreements, citing them as an unfair method of competition and a violation of Section 5 of the FTC Act, on a 3-2 vote. Existing noncompetes will no longer be enforceable after the rule's effective date. Noncompetes for senior executives can remain in force, but employers are banned from entering into or enforcing any new noncompetes, even involving senior executives. The final rule will take effect 120 days after publication in the Federal Register, though it may be challenged in court. Read entire release here.