Sure we will honor the terms set in the acquisition filing
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As if they would care. What is the FTC going to do about it? Most likely do nothing, or issue a stern warning.
This news story is literally about the FTC actively suing for injunctive relief; the "complaint" in question is actually a formal legal letter addressed to the U.S. Ninth Circuit Court.
Edit: fixed typo
Yes, of course they have complained to the courts. That's not the point. This simply will go nowhere, or do you expect that the court will somehow separate Activision out of Microsofts hands again to fix this? Or punish the managers at Microsoft and make them withdraw the execution plan to remove redundant jobs?
At the end of it, Microsoft will eventually pay a small, symbolic sum which they consider "cost of conducting business". Nothing more.
As pessimistic as it sounds, I think you're right. There's likely some back pay they will have to give to the workforce they fired, which is a pittance compared to what they stand to earn as they milk their purchase dry.