Re-Examining Fair Consideration For Restrictive Covenants

Law360, New York (October 20, 2016, 11:37 AM EDT) -- In Reed v. Getco LLC, 2016 IL App (1st) 151801, the Illinois Court of Appeals was recently faced with an interesting situation: Under a contractual noncompete agreement, Getco was obligated to pay the employee $1 million during a six-month, post-employment noncompetition period. This was, in effect, a form of paid "garden leave" —  where the employee was to be paid $1 million to sit out for six months — perhaps to finally correct his golf slice or even learn the fine art of surfing. 

It was a win-win situation that seemingly would be blessed by most courts. It was for a...

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