Do the Enforcement Decisions Match the “America First” Antitrust Rhetoric?

by Bilal Sayyed

Bilal Sayyed (picture courtesy of Cadwalader, Wickersham & Taft LLP)

Gail Slater, the Assistant Lawyer Normal for the Antitrust Division, Division of Justice, means that the antitrust management of each political events “underenforced our century-old antitrust legal guidelines for a number of many years,” accepting “false financial theories of self-correction” of markets negatively impacted by anticompetitive conduct and dominant corporations.  Gail Slater, The Conservative Roots of America First Enforcement (Apr. 28, 2025).  Federal Commerce Fee Commissioner Mark Meador lately criticized “the monstrously swollen corporations who’ve hollowed out communities, raised costs, distorted labor markets, corrupted the general public sq., or in any other case degraded high quality throughout [the] economic system.” “Antitrust enforcement is,” based on Meador, “one of the highly effective, economy-wide instruments out there for addressing” a “dehumanization of financial life” related to “the dimensions and energy of the most important firms” which have “ballooned to unprecedented ranges.” Mark Meador, Antitrust’s Populist Soul (Sept. 15, 2025). “Massive is unhealthy.” Mark Meador, Antitrust Coverage for the Conservative (Could 1, 2025).

The primary 9 months of enforcement selections present some pressure with these positions, as most preliminary enforcement actions of the President’s time period have considerably aligned with the practices of previous Republican administrations or the enforcement priorities of the Biden Administration.  That is significantly true with respect to merger issues, the place the Trump Administration has rejected the earlier administration’s anti-merger insurance policies and returned to the traditionally frequent follow of accepting settlements to resolve potential anticompetitive results in giant mergers. In non-merger issues, the Administration has continued the Biden Administration’s efforts in a number of areas, together with a unbroken curiosity in growing the legislation on algorithmic value setting, and enforcement towards interlocking directorates and employer‑required non-compete agreements. Important enforcement issues from the summer season of 2025 are illustrative.  However, the Administration’s curiosity in eradicating regulatory obstacles to competitors, and the usage of regulation by rivals to displace competitors, affords a possibility for the antitrust companies to play a major position in opening up markets and inspiring entry and growth by smaller and modern corporations.  These efforts – wherein the FTC and Antitrust Division are taking part in a number one position – are simply starting.  And, the Antitrust Division’s aggressive use of its skill to file Statements of Curiosity in personal litigation, with out taking a place on the deserves of the litigation, is a strong device with potential future results on the event of antitrust legislation in a way in step with the Administration’s enforcement priorities.

In August, the Division of Justice (“DOJ”) settled with one of many individuals in an allegedly unlawful rental price-setting info change settlement. In August 2024, the DOJ, with co‑plaintiff States, filed a civil antitrust grievance towards RealPage, Inc. and in January 2025, filed an amended grievance including Greystar Administration Providers, LLC (one of many largest condominium managers in america) and 5 different property‑administration firms as defendants.  The amended grievance alleges that Greystar (and others) violated Part 1 of the Sherman Act by (1) sharing confidential, competitively delicate info with RealPage to be used in rivals’ pricing, and (2) agreeing to align its pricing with rivals by way of RealPage’s income‑administration software program. Greystar licenses RealPage’s AI Income Administration product and, beneath its licensing settlement, supplied RealPage with each day, competitively delicate, non‑public knowledge (e.g., lease renewals, phrases, and costs). RealPage used this knowledge to generate pricing suggestions for all collaborating landlords, together with Greystar’s rivals.  

An August 2025 settlement with Greystar prohibits Greystar from licensing or utilizing any income‑administration product that (i) employs third‑celebration, non‑public knowledge to set costs or generate suggestions, (ii) swimming pools info throughout Greystar properties owned by totally different house owners, (iii) discloses Greystar property knowledge to rival landlords, (iv) accommodates a pricing algorithm skilled on rivals’ non‑public knowledge, or (v) units flooring‑plan limits based mostly on competing properties’ rents. Justice Division Reached Proposed Settlement with Greystar, the Largest U.S. Landlord, to Finish its Participation in Algorithmic Pricing Scheme (Aug. 8, 2025).  

The Administration beforehand filed a Assertion of Curiosity in personal info change circumstances. In a single, it opposed the defendant’s proposed heightened pleading commonplace for Part 1 info change claims when the change was mediated by a 3rd‑celebration middleman. Assertion of Curiosity of america, In re Granulated Sugar Antitrust Litigation (MDL No. 24-3110, D. Mn.) (Jun. 24, 2025). In one other, it famous to the district court docket that, opposite to defendant’s place, “there may be concerted motion topic to Part 1 [through the use of an algorithm] . . . even when the conspirators have some discretion in selecting how usually to comply with” the algorithm’s pricing advice and that “sharing info by way of an algorithm supplier can create the identical anticompetitive results as a direct change between rivals.” Assertion of Curiosity of america, In re Multiplan Well being Insurance coverage Supplier Litigation (MDL No. 3121, N.D. Ailing.) (Mar. 27, 2025).

The Federal Commerce Fee (“FTC” or the “Fee”) filed for a preliminary injunction to enjoin Edwards Lifesciences Company’s proposed acquisition of JenaValve Expertise’s two medical gadget firms, neither of which has commercialized a product within the alleged “overlapping” marketplace for a transcatheter aortic valve substitute (“TAVR”) gadget for the remedy of aortic regurgitation (“AR”). However, the FTC challenged the proposed mixture, alleging that it’s going to remove present head-to-head innovation and high quality competitors between the 2 corporations out there for TAVR-AR units. FTC Challenges Anticompetitive Medical System Deal (Aug. 6, 2025).  

The FTC additionally seeks to enjoin a “partnership settlement” between Zillow Inc. and Redfin Company that, in change for a $100 million cost and future compensation, “dismantle[d] Redfin as a competitor out there for web itemizing providers” and facilitated the switch of sure of Redfin’s property – enterprise contracts, buyer relationships and personnel – to Zillow.  Zillow and Redfin additionally agreed to serve “as an unique syndicator of Zillow listings” in change for extra compensation.  The FTC alleges a violation of each Part 1 of the Sherman Act (an unlawful settlement in restraint of commerce) and of Part 7 of the Clayton Act (an anticompetitive acquisition of property).  The partnership is weak to a Part 1 declare as a result of it doesn’t “pool capital or assets or share dangers.”  Additionally observe the classification of  “staff” as property of Redfin; this may increasingly enable for the event of case legislation that the Fee (or DOJ) might use to problem so-called “aqui-hire” transactions (particularly in however not restricted to the tech-space) as anticompetitive and topic to problem beneath both or each Part 1 and Part 7. (Commentators have steered that the labor exemption might preclude a Part 1 or Part 7 problem to aqui-hires.  15 U.S. Code § 17  holds that human labor just isn’t a “commodity or article of commerce.” ) FTC Sues Zillow and Redfin Over Unlawful Settlement to Suppress Rental Promoting Competitors (Sept. 30, 2025).

The Antitrust Division accepted a settlement addressing its aggressive issues with Hewlett Packard Enterprise’s (“HPE”) proposed $14 billion acquisition of Juniper Networks. Earlier this 12 months, the Antitrust Division filed swimsuit to dam the transaction, alleging hurt out there for enterprise-grade wi-fi native space community (“WLAN”) options. Justice Division Requires Divestitures and Licensing Commitments in HPE’s Acquisition of Juniper Networks (Jun. 28, 2025).  In August, the DOJ reached a settlement with UnitedHealth Group, Inc. and Amedisys, Inc., within the proposed merger of two of the most important residence well being and hospice service suppliers within the nation. In November 2024, the DOJ had sought to dam the transaction, alleging that the proposed merger was “presumptively anticompetitive and unlawful in a whole lot of native markets throughout America.” Justice Division Requires Broad Divestitures to Resolve Problem to United Well being’s Acquisition of Amedisys (Aug. 7. 2025). DOJ deserted a 3rd matter previous to trial – the earlier administration’s problem to American Specific World Enterprise Journey’s proposed acquisition of CWT Holdings. The Division seems to have accepted the events’ argument that CWT Holdings was unlikely to proceed to be a major competitor sooner or later, absent the merger. 

The Administration continues to just accept settlements in lieu of litigation. The DOJ accepted a settlement addressing its aggressive issues with Safran S.A.’s proposed $1.8 billion acquisition of RTX Company. Justice Division Requires Safran to Divest Belongings to Proceed with Acquisition of Raytheon Belongings (Jun. 17, 2025). The FTC settled its issues with Alimentation Couche-Tard’s proposed $1.57 billion acquisition of 270 retail gas property from Large Eagle by requiring the divestiture of 35 retail gas stations in Indiana, Ohio, and Pennsylvania. FTC Takes Motion to Forestall Anticompetitive Results of Retail Fuel Station Deal (Jun. 26, 2025). The FTC additionally accepted a settlement to deal with its issues from the proposed $13.5 billion acquisition of Interpublic Group by Omnicom Group.  The Fee alleged that the mixture of two of the six largest corporations providing media shopping for providers might result in an elevated probability of coordination or collusion out there for “media shopping for providers.” To deal with the FTC’s issues, Omnicom is required to stop and desist from participation in any present or future settlement or understanding with respect to media shopping for providers that directs promoting spending based mostly on political or ideological viewpoints of a writer. FTC Alters Remaining Consent Order in Response to Feedback, Stopping Coordination in World Promoting Merger (Sept. 26, 2025). (The Administration’s curiosity in stopping the censoring or moderating of viewpoint views can be mirrored within the DOJ’s Assertion of Curiosity in Kids’s Well being Protection, et al., v. WP Firm, LLC d/b/a The Washington Put up, British Broadcasting Corp., Related Press, Reuters Information & Media, Inc. (Civ. No. 1:23‑cv‑2735 D.D.C.) (Jul. 11, 2025).  There, based on the DOJ, the defendants had moved to dismiss the grievance, arguing that “suppressing competitors within the market of concepts … just isn’t a cognizable antitrust harm.” The DOJ’s submitting supported the plaintiffs’ rivalry that the Sherman Act applies to restraints on viewpoint competitors within the information market.)

The antitrust companies (i.e., the FTC and the DOJ) introduced the closing of two vital merger investigations. The DOJ closed its investigation of T-Cellular’s proposed $4.4 billion acquisition of UScellular after its investigation confirmed that “UScellular merely couldn’t sustain with the escalating price of capital enhancements in know-how required to compete vigorously” absent the merger. Assertion of the Division of Justice Antitrust Division on the Closing of Its Investigation of the Merger of T-Cellular and UScellular (Jul. 10, 2025). The FTC closed its practically one-year investigation of Mars Inc.’s proposed $36 billion acquisition of Kellanova. Assertion on the Grant of Early Termination of the FTC’s Investigation of the Proposed Acquisition of Kellanova by Mars (Jun. 25, 2025).  

Part 8 of the Clayton Act prohibits people from concurrently serving as administrators or officers at two competing firms. The Biden Administration was energetic in investigating and remedying such interlocks. The Trump Administration is constant this enforcement precedence. In September, the FTC introduced the resignation of three (unnamed) board members of Sevita Well being. Every of the resigning people served as a director of each Sevita Well being and Beacon Specialised Dwelling Providers. Each firms supply residential providers for people with mental and developmental disabilities. In saying the resignations, the FTC inspired firms to proactively audit board memberships, significantly when personal fairness traders or new stockholders receive new board seats. Three Administrators Resign from Sevita Board of Administrators in Response to the FTC’s Ongoing Enforcement Efforts Towards Interlocking Directorates (Sept. 15, 2025).  

The Fee has acceded to the vacatur of the Non-Compete Clause Rule (as held in Ryan LLC v. Federal Commerce Fee, 746 F. Supp.3d. 369 (2024) and, in step with the FTC’s request, two appellate courts have dismissed the Fee’s earlier challenges to choices stopping enforcement of the Rule. However the Fee’s dismissal of its appeals of the unfavorable choices, FTC Chairman Andrew Ferguson indicated that the Fee will “defend American staff by . . . patrolling . . . markets for particular anticompetitive conduct that hurts American . . . staff and taking unhealthy actors to court docket.” Assertion of Chairman Andrew N. Ferguson Joined by Commissioner Melissa Holyoak, Ryan LLC v. FTC, at 3 (Sept. 5, 2025).

Per this persevering with curiosity, in September 2025, the FTC:

1. Challenged Gateway Providers’ use of worker non-compete agreements throughout its pet cremation enterprise, alleging that the corporate’s requirement that every one staff (besides these in California) conform to a 12-month, post-employment covenant to not compete was an unfair technique of competitors and prohibited by Part 5 of the FTC Act. The Fee’s proposed Order addressing its grievance prohibits Gateway from getting into into, sustaining, or implementing (or threatening to implement) a sure non-compete settlement and, amongst different issues, prohibits Gateway from stopping sure staff from “soliciting present or potential prospects,” besides with respect to these present or potential prospects with whom the worker within the final 12 months of his or her employment, had direct contract or personally supplied service.
2. Inspired “members of the general public together with present and former employers restricted by noncompete agreements, and employers going through hiring difficulties because of a rival’s noncompete agreements . . . to share info” with the FTC to “uproot the worst offenders and restore equity to the American labor market.” Federal Commerce Fee Points Request for Data on Worker Noncompete Agreements (Sept. 4, 2025). In assist, the Fee launched an intensive request for info on the usage of non-competes “to grasp which particular employers proceed to impose noncompete agreements.” Request for Data Relating to Employer Noncompete Agreements (Sept. 4, 2025). (Responses to the request are due no later than November 3, 2025.)
3. Issued warning letters to “a number of giant healthcare employers and staffing corporations urging them to conduct a complete overview of their employment agreements – together with any non-competes or different restrictive agreements – to make sure they’re appropriately tailor-made and adjust to the legislation.” FTC Chairman Ferguson Points Noncompete Warning Letters to Healthcare Employers and Staffing Firms (Sept. 10, 2025).
4. Introduced a workshop by the FTC’s Labor Job Drive (on October 8) to “spotlight the damaging impression of non-compete agreements on American staff and put companies on discover of [the Commission’s] enforcement priorities.” FTC Pronounces Workshop on Noncompete Settlement (Sept. 17, 2025).

Thus far, the enforcement choices of the Trump Administration don’t seem considerably out of step with previous Republican presidential administrations of the previous 4 many years; the place they do, they seem to align with priorities of the Biden Administration. Nevertheless, the Fee and the Antitrust Division have taken main roles within the Administration’s deregulation effort.

In a matter highlighting how corporations might use regulation to inhibit competitors and implement output restrictions, the Fee investigated an settlement amongst a number of truck and engine producers and their commerce affiliation with the California Air Sources Board (“CARB”). The “Clear Truck Partnership” required producers to provide “zero emissions” engines fairly than inner combustion engines. Early within the Administration, the EPA waiver supporting CARB’s authority to promulgate the related regulation underpinning the partnership settlement was rescinded. The Fee was involved that the truck producers would proceed to stick to the restriction within the settlement however rescission of the related waiver. The Fee closed its investigation after receiving commitments from the producers that they might not try to implement compliance with the settlement. In line with the FTC’s Bureau of Competitors, “CARB’s regulatory overreach posed a serious menace to American trucking and . . . introduced critical antitrust issues.” FTC Resolves Antitrust Issues Arising from Clear Truck Partnership (Aug. 12, 2025).

The Administration’s deregulatory effort – directed at eradicating regulatory and authorized obstacles to competitors – seems to be an alternative choice to the Biden Administration’s Government Order on Competitors and presents a major alternative for corporations wishing to develop into new traces of enterprise, introduce new services and products, and transfer extra shortly in transitioning from one market to a different to establish these laws that restrict, gradual or forbid growth and entry.  In August, the President revoked the Biden Administration Government Order, to acclaim from the management of the Antitrust Division and Federal Commerce Fee: “America First Antitrust focuses on empowering the American folks within the free markets, not enabling regulators and bureaucrats to prescribe outcomes.” Assertion of Assistant Lawyer Normal Abigail Slater (Aug. 13, 2025). The deregulatory agenda  represents a major menace to market incumbents that depend on these laws to restrict competitors.  In September, the Federal Commerce Fee, working with the Antitrust Division, advisable over 125 federal laws for deletion or revision, in assist of encouraging and facilitating competitors. FTC Recommends Anticompetitive Laws for Deletion or Revision (Sept. 17, 2025).  

Bilal Sayyed is Counsel at Cadwalader, Wickersham & Taft LLP. 

The views, opinions and positions expressed inside all posts are these of the writer(s) alone and don’t signify these of the Program on Company Compliance and Enforcement (PCCE) or of the New York College Faculty of Regulation. PCCE makes no representations as to the accuracy, completeness and validity or any statements made on this web site and won’t be liable any errors, omissions or representations. The copyright of this content material belongs to the writer(s) and any legal responsibility on the subject of infringement of mental property rights stays with the writer(s).

by Bilal Sayyed

Bilal Sayyed (picture courtesy of Cadwalader, Wickersham & Taft LLP)

Gail Slater, the Assistant Lawyer Normal for the Antitrust Division, Division of Justice, means that the antitrust management of each political events “underenforced our century-old antitrust legal guidelines for a number of many years,” accepting “false financial theories of self-correction” of markets negatively impacted by anticompetitive conduct and dominant corporations.  Gail Slater, The Conservative Roots of America First Enforcement (Apr. 28, 2025).  Federal Commerce Fee Commissioner Mark Meador lately criticized “the monstrously swollen corporations who’ve hollowed out communities, raised costs, distorted labor markets, corrupted the general public sq., or in any other case degraded high quality throughout [the] economic system.” “Antitrust enforcement is,” based on Meador, “one of the highly effective, economy-wide instruments out there for addressing” a “dehumanization of financial life” related to “the dimensions and energy of the most important firms” which have “ballooned to unprecedented ranges.” Mark Meador, Antitrust’s Populist Soul (Sept. 15, 2025). “Massive is unhealthy.” Mark Meador, Antitrust Coverage for the Conservative (Could 1, 2025).

The primary 9 months of enforcement selections present some pressure with these positions, as most preliminary enforcement actions of the President’s time period have considerably aligned with the practices of previous Republican administrations or the enforcement priorities of the Biden Administration.  That is significantly true with respect to merger issues, the place the Trump Administration has rejected the earlier administration’s anti-merger insurance policies and returned to the traditionally frequent follow of accepting settlements to resolve potential anticompetitive results in giant mergers. In non-merger issues, the Administration has continued the Biden Administration’s efforts in a number of areas, together with a unbroken curiosity in growing the legislation on algorithmic value setting, and enforcement towards interlocking directorates and employer‑required non-compete agreements. Important enforcement issues from the summer season of 2025 are illustrative.  However, the Administration’s curiosity in eradicating regulatory obstacles to competitors, and the usage of regulation by rivals to displace competitors, affords a possibility for the antitrust companies to play a major position in opening up markets and inspiring entry and growth by smaller and modern corporations.  These efforts – wherein the FTC and Antitrust Division are taking part in a number one position – are simply starting.  And, the Antitrust Division’s aggressive use of its skill to file Statements of Curiosity in personal litigation, with out taking a place on the deserves of the litigation, is a strong device with potential future results on the event of antitrust legislation in a way in step with the Administration’s enforcement priorities.

In August, the Division of Justice (“DOJ”) settled with one of many individuals in an allegedly unlawful rental price-setting info change settlement. In August 2024, the DOJ, with co‑plaintiff States, filed a civil antitrust grievance towards RealPage, Inc. and in January 2025, filed an amended grievance including Greystar Administration Providers, LLC (one of many largest condominium managers in america) and 5 different property‑administration firms as defendants.  The amended grievance alleges that Greystar (and others) violated Part 1 of the Sherman Act by (1) sharing confidential, competitively delicate info with RealPage to be used in rivals’ pricing, and (2) agreeing to align its pricing with rivals by way of RealPage’s income‑administration software program. Greystar licenses RealPage’s AI Income Administration product and, beneath its licensing settlement, supplied RealPage with each day, competitively delicate, non‑public knowledge (e.g., lease renewals, phrases, and costs). RealPage used this knowledge to generate pricing suggestions for all collaborating landlords, together with Greystar’s rivals.  

An August 2025 settlement with Greystar prohibits Greystar from licensing or utilizing any income‑administration product that (i) employs third‑celebration, non‑public knowledge to set costs or generate suggestions, (ii) swimming pools info throughout Greystar properties owned by totally different house owners, (iii) discloses Greystar property knowledge to rival landlords, (iv) accommodates a pricing algorithm skilled on rivals’ non‑public knowledge, or (v) units flooring‑plan limits based mostly on competing properties’ rents. Justice Division Reached Proposed Settlement with Greystar, the Largest U.S. Landlord, to Finish its Participation in Algorithmic Pricing Scheme (Aug. 8, 2025).  

The Administration beforehand filed a Assertion of Curiosity in personal info change circumstances. In a single, it opposed the defendant’s proposed heightened pleading commonplace for Part 1 info change claims when the change was mediated by a 3rd‑celebration middleman. Assertion of Curiosity of america, In re Granulated Sugar Antitrust Litigation (MDL No. 24-3110, D. Mn.) (Jun. 24, 2025). In one other, it famous to the district court docket that, opposite to defendant’s place, “there may be concerted motion topic to Part 1 [through the use of an algorithm] . . . even when the conspirators have some discretion in selecting how usually to comply with” the algorithm’s pricing advice and that “sharing info by way of an algorithm supplier can create the identical anticompetitive results as a direct change between rivals.” Assertion of Curiosity of america, In re Multiplan Well being Insurance coverage Supplier Litigation (MDL No. 3121, N.D. Ailing.) (Mar. 27, 2025).

The Federal Commerce Fee (“FTC” or the “Fee”) filed for a preliminary injunction to enjoin Edwards Lifesciences Company’s proposed acquisition of JenaValve Expertise’s two medical gadget firms, neither of which has commercialized a product within the alleged “overlapping” marketplace for a transcatheter aortic valve substitute (“TAVR”) gadget for the remedy of aortic regurgitation (“AR”). However, the FTC challenged the proposed mixture, alleging that it’s going to remove present head-to-head innovation and high quality competitors between the 2 corporations out there for TAVR-AR units. FTC Challenges Anticompetitive Medical System Deal (Aug. 6, 2025).  

The FTC additionally seeks to enjoin a “partnership settlement” between Zillow Inc. and Redfin Company that, in change for a $100 million cost and future compensation, “dismantle[d] Redfin as a competitor out there for web itemizing providers” and facilitated the switch of sure of Redfin’s property – enterprise contracts, buyer relationships and personnel – to Zillow.  Zillow and Redfin additionally agreed to serve “as an unique syndicator of Zillow listings” in change for extra compensation.  The FTC alleges a violation of each Part 1 of the Sherman Act (an unlawful settlement in restraint of commerce) and of Part 7 of the Clayton Act (an anticompetitive acquisition of property).  The partnership is weak to a Part 1 declare as a result of it doesn’t “pool capital or assets or share dangers.”  Additionally observe the classification of  “staff” as property of Redfin; this may increasingly enable for the event of case legislation that the Fee (or DOJ) might use to problem so-called “aqui-hire” transactions (particularly in however not restricted to the tech-space) as anticompetitive and topic to problem beneath both or each Part 1 and Part 7. (Commentators have steered that the labor exemption might preclude a Part 1 or Part 7 problem to aqui-hires.  15 U.S. Code § 17  holds that human labor just isn’t a “commodity or article of commerce.” ) FTC Sues Zillow and Redfin Over Unlawful Settlement to Suppress Rental Promoting Competitors (Sept. 30, 2025).

The Antitrust Division accepted a settlement addressing its aggressive issues with Hewlett Packard Enterprise’s (“HPE”) proposed $14 billion acquisition of Juniper Networks. Earlier this 12 months, the Antitrust Division filed swimsuit to dam the transaction, alleging hurt out there for enterprise-grade wi-fi native space community (“WLAN”) options. Justice Division Requires Divestitures and Licensing Commitments in HPE’s Acquisition of Juniper Networks (Jun. 28, 2025).  In August, the DOJ reached a settlement with UnitedHealth Group, Inc. and Amedisys, Inc., within the proposed merger of two of the most important residence well being and hospice service suppliers within the nation. In November 2024, the DOJ had sought to dam the transaction, alleging that the proposed merger was “presumptively anticompetitive and unlawful in a whole lot of native markets throughout America.” Justice Division Requires Broad Divestitures to Resolve Problem to United Well being’s Acquisition of Amedisys (Aug. 7. 2025). DOJ deserted a 3rd matter previous to trial – the earlier administration’s problem to American Specific World Enterprise Journey’s proposed acquisition of CWT Holdings. The Division seems to have accepted the events’ argument that CWT Holdings was unlikely to proceed to be a major competitor sooner or later, absent the merger. 

The Administration continues to just accept settlements in lieu of litigation. The DOJ accepted a settlement addressing its aggressive issues with Safran S.A.’s proposed $1.8 billion acquisition of RTX Company. Justice Division Requires Safran to Divest Belongings to Proceed with Acquisition of Raytheon Belongings (Jun. 17, 2025). The FTC settled its issues with Alimentation Couche-Tard’s proposed $1.57 billion acquisition of 270 retail gas property from Large Eagle by requiring the divestiture of 35 retail gas stations in Indiana, Ohio, and Pennsylvania. FTC Takes Motion to Forestall Anticompetitive Results of Retail Fuel Station Deal (Jun. 26, 2025). The FTC additionally accepted a settlement to deal with its issues from the proposed $13.5 billion acquisition of Interpublic Group by Omnicom Group.  The Fee alleged that the mixture of two of the six largest corporations providing media shopping for providers might result in an elevated probability of coordination or collusion out there for “media shopping for providers.” To deal with the FTC’s issues, Omnicom is required to stop and desist from participation in any present or future settlement or understanding with respect to media shopping for providers that directs promoting spending based mostly on political or ideological viewpoints of a writer. FTC Alters Remaining Consent Order in Response to Feedback, Stopping Coordination in World Promoting Merger (Sept. 26, 2025). (The Administration’s curiosity in stopping the censoring or moderating of viewpoint views can be mirrored within the DOJ’s Assertion of Curiosity in Kids’s Well being Protection, et al., v. WP Firm, LLC d/b/a The Washington Put up, British Broadcasting Corp., Related Press, Reuters Information & Media, Inc. (Civ. No. 1:23‑cv‑2735 D.D.C.) (Jul. 11, 2025).  There, based on the DOJ, the defendants had moved to dismiss the grievance, arguing that “suppressing competitors within the market of concepts … just isn’t a cognizable antitrust harm.” The DOJ’s submitting supported the plaintiffs’ rivalry that the Sherman Act applies to restraints on viewpoint competitors within the information market.)

The antitrust companies (i.e., the FTC and the DOJ) introduced the closing of two vital merger investigations. The DOJ closed its investigation of T-Cellular’s proposed $4.4 billion acquisition of UScellular after its investigation confirmed that “UScellular merely couldn’t sustain with the escalating price of capital enhancements in know-how required to compete vigorously” absent the merger. Assertion of the Division of Justice Antitrust Division on the Closing of Its Investigation of the Merger of T-Cellular and UScellular (Jul. 10, 2025). The FTC closed its practically one-year investigation of Mars Inc.’s proposed $36 billion acquisition of Kellanova. Assertion on the Grant of Early Termination of the FTC’s Investigation of the Proposed Acquisition of Kellanova by Mars (Jun. 25, 2025).  

Part 8 of the Clayton Act prohibits people from concurrently serving as administrators or officers at two competing firms. The Biden Administration was energetic in investigating and remedying such interlocks. The Trump Administration is constant this enforcement precedence. In September, the FTC introduced the resignation of three (unnamed) board members of Sevita Well being. Every of the resigning people served as a director of each Sevita Well being and Beacon Specialised Dwelling Providers. Each firms supply residential providers for people with mental and developmental disabilities. In saying the resignations, the FTC inspired firms to proactively audit board memberships, significantly when personal fairness traders or new stockholders receive new board seats. Three Administrators Resign from Sevita Board of Administrators in Response to the FTC’s Ongoing Enforcement Efforts Towards Interlocking Directorates (Sept. 15, 2025).  

The Fee has acceded to the vacatur of the Non-Compete Clause Rule (as held in Ryan LLC v. Federal Commerce Fee, 746 F. Supp.3d. 369 (2024) and, in step with the FTC’s request, two appellate courts have dismissed the Fee’s earlier challenges to choices stopping enforcement of the Rule. However the Fee’s dismissal of its appeals of the unfavorable choices, FTC Chairman Andrew Ferguson indicated that the Fee will “defend American staff by . . . patrolling . . . markets for particular anticompetitive conduct that hurts American . . . staff and taking unhealthy actors to court docket.” Assertion of Chairman Andrew N. Ferguson Joined by Commissioner Melissa Holyoak, Ryan LLC v. FTC, at 3 (Sept. 5, 2025).

Per this persevering with curiosity, in September 2025, the FTC:

1. Challenged Gateway Providers’ use of worker non-compete agreements throughout its pet cremation enterprise, alleging that the corporate’s requirement that every one staff (besides these in California) conform to a 12-month, post-employment covenant to not compete was an unfair technique of competitors and prohibited by Part 5 of the FTC Act. The Fee’s proposed Order addressing its grievance prohibits Gateway from getting into into, sustaining, or implementing (or threatening to implement) a sure non-compete settlement and, amongst different issues, prohibits Gateway from stopping sure staff from “soliciting present or potential prospects,” besides with respect to these present or potential prospects with whom the worker within the final 12 months of his or her employment, had direct contract or personally supplied service.
2. Inspired “members of the general public together with present and former employers restricted by noncompete agreements, and employers going through hiring difficulties because of a rival’s noncompete agreements . . . to share info” with the FTC to “uproot the worst offenders and restore equity to the American labor market.” Federal Commerce Fee Points Request for Data on Worker Noncompete Agreements (Sept. 4, 2025). In assist, the Fee launched an intensive request for info on the usage of non-competes “to grasp which particular employers proceed to impose noncompete agreements.” Request for Data Relating to Employer Noncompete Agreements (Sept. 4, 2025). (Responses to the request are due no later than November 3, 2025.)
3. Issued warning letters to “a number of giant healthcare employers and staffing corporations urging them to conduct a complete overview of their employment agreements – together with any non-competes or different restrictive agreements – to make sure they’re appropriately tailor-made and adjust to the legislation.” FTC Chairman Ferguson Points Noncompete Warning Letters to Healthcare Employers and Staffing Firms (Sept. 10, 2025).
4. Introduced a workshop by the FTC’s Labor Job Drive (on October 8) to “spotlight the damaging impression of non-compete agreements on American staff and put companies on discover of [the Commission’s] enforcement priorities.” FTC Pronounces Workshop on Noncompete Settlement (Sept. 17, 2025).

Thus far, the enforcement choices of the Trump Administration don’t seem considerably out of step with previous Republican presidential administrations of the previous 4 many years; the place they do, they seem to align with priorities of the Biden Administration. Nevertheless, the Fee and the Antitrust Division have taken main roles within the Administration’s deregulation effort.

In a matter highlighting how corporations might use regulation to inhibit competitors and implement output restrictions, the Fee investigated an settlement amongst a number of truck and engine producers and their commerce affiliation with the California Air Sources Board (“CARB”). The “Clear Truck Partnership” required producers to provide “zero emissions” engines fairly than inner combustion engines. Early within the Administration, the EPA waiver supporting CARB’s authority to promulgate the related regulation underpinning the partnership settlement was rescinded. The Fee was involved that the truck producers would proceed to stick to the restriction within the settlement however rescission of the related waiver. The Fee closed its investigation after receiving commitments from the producers that they might not try to implement compliance with the settlement. In line with the FTC’s Bureau of Competitors, “CARB’s regulatory overreach posed a serious menace to American trucking and . . . introduced critical antitrust issues.” FTC Resolves Antitrust Issues Arising from Clear Truck Partnership (Aug. 12, 2025).

The Administration’s deregulatory effort – directed at eradicating regulatory and authorized obstacles to competitors – seems to be an alternative choice to the Biden Administration’s Government Order on Competitors and presents a major alternative for corporations wishing to develop into new traces of enterprise, introduce new services and products, and transfer extra shortly in transitioning from one market to a different to establish these laws that restrict, gradual or forbid growth and entry.  In August, the President revoked the Biden Administration Government Order, to acclaim from the management of the Antitrust Division and Federal Commerce Fee: “America First Antitrust focuses on empowering the American folks within the free markets, not enabling regulators and bureaucrats to prescribe outcomes.” Assertion of Assistant Lawyer Normal Abigail Slater (Aug. 13, 2025). The deregulatory agenda  represents a major menace to market incumbents that depend on these laws to restrict competitors.  In September, the Federal Commerce Fee, working with the Antitrust Division, advisable over 125 federal laws for deletion or revision, in assist of encouraging and facilitating competitors. FTC Recommends Anticompetitive Laws for Deletion or Revision (Sept. 17, 2025).  

Bilal Sayyed is Counsel at Cadwalader, Wickersham & Taft LLP. 

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