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FTC Carries On Biden Administration Crackdown on Executives Serving on Competitors' Boards
Reprinted from: Law.com | 09/23/2025Cadwalader's Bilal Sayyed was recently quoted in Law.com coverage of the Federal Trade Commission’s continued crackdown on “interlocking directorates,” where individuals serve on the boards of competing companies.
Bilal observed that “antitrust agencies’ efforts to identify and break interlocks, broadly defined, are not going to be shelved in the second Trump administration.” He further noted that the FTC and Department of Justice have expanded their interpretation of the Clayton Act and FTC Act to include not only officers and directors but also board observers — a position unanimously adopted by commissioners across party lines.
He also highlighted the potential for expanded shareholder litigation arising from interlocked companies, underscoring the ongoing risks for firms even after interlocks are removed.
Read the article here.
