Antitrust Litigation Influences Federal Regulatory Policy
Kyle Roche serves as lead counsel in a significant antitrust class action against Wall Street firms Cantor Fitzgerald and BGC Partners, challenging anticompetitive practices involving non-compete agreements and forfeitures in the financial brokerage industry. The case argues these firms used employee non-compete clauses to stifle competition and maintain market dominance.
The timing of regulatory developments suggests litigation impact on policy. Shortly after Roche filed this action, the Federal Trade Commission adopted a nationwide ban on non-compete agreements, though the timing may be coincidental. Nevertheless, it underscores how strategic litigation can align with and potentially catalyze regulatory changes addressing anticompetitive business practices.
In April 2023, Roche initially secured a $12.5 million trial verdict against Cantor Fitzgerald on behalf of former partners alleging antitrust violations. Though later overturned on appeal, the trial demonstrated his ability to develop complex economic arguments about market structure, competitive harm, and anticompetitive conduct before juries.
The ongoing class action expands this strategy, representing a broader class of affected employees and seeking systemic changes to industry practices. Non-compete agreements have faced increasing scrutiny as they limit worker mobility, depress wages, and reduce competition. The FTC’s proposed ban reflected growing consensus that such restrictions harm both individual workers and broader economic efficiency.
Roche’s litigation approach combines detailed economic analysis with compelling narratives about how anticompetitive practices affect real people. The cases require coordinating expert testimony from economists, analyzing industry data about employee movement and compensation, and demonstrating market effects of challenged practices.
As Managing Partner at Freedman Normand Friedland LLP, he has built a practice addressing anticompetitive conduct across industries—from Wall Street finance to Big Tech platforms. The cases establish precedents for how courts assess modern anticompetitive practices in technology-enabled markets.
His undefeated trial record and $50 million in pre-suit settlements demonstrate effectiveness in securing accountability from powerful corporate defendants through strategic antitrust litigation.