The Federal Trade Commission (FTC) issued a final ruling banning the practice of noncompete agreements. The FTC maintains the noncompetes denied workers "the fundamental freedom" to switch jobs which in turn will increase innovation and foster new business formation. The regulators estimate that another 8,500 startups will be created every year now that the practice is banned.
Category: 03. Market Efficiency and Surplus; Market Failure and Public Goods
Moderna Moves Three Vaccines into Final Stage Trials as it Works to Rebound from Covid Slump (Micro News for March 23, 2024 – March 29, 2024)
Pharmaceutical firm Moderna, best known for its Covid-19 vaccine, announced it was entering the final stages of bringing three new vaccines to market. Moderna desperately needs new products since the Covid-19 shot demand has fallen and the firm has no other products on the market. The firm's stock price fell by 45% during 2023 as a result.
Elon Musk’s X Must Face Copyright Infringement Suit by Music Publishers, Federal Judge Says (Micro News for March 9, 2024 – March 15, 2024)
Elon Musk's social media firm X will face parts of a $250 million copyright infringement lawsuit according to the latest federal judge ruling. The suit alleges that X helps some users incorporate music into their posts without permission from the artists. According to the suit, X, formerly Twitter, provides paying subscribers with greater leeway when sharing copyrighted music. The differential treatment with regard to the issue indicates that X is not taking "reasonable steps" to keep the piracy from occurring.
Yale, Columbia Join $105 Million Student Aid Suit Settlement (Micro News for January 27, 2024 – February 2, 2024)
Five top universities that include Yale, Duke, Emory, Brown, and Columbia announced a $104.5 million settlement of a class action lawsuit alleging they colluded with other elite universities to fix financial aid packages. The lawsuit was initiated by former students who alleged the schools did not compete for top students by offering better financial aid packages but instead agreed to use the same financial aid formula so offers would be the same from all universities.
Pearson Economic News 