Trade secrets are an essential, and sometimes vital, piece of a business. A trade secret consists of confidential information which provides that party with an economic competitive advantage.
The Defend Trade Secrets Act of 2016 (DTSA) is a United States federal law that allows an owner of a trade secret to sue in federal court when its trade secrets have been misappropriated. Prior to the enactment of the DTSA, one would have to rely upon state law that varied from state to state to enforce its rights.
Trade secrets can be protected without registration or procedural formalities, unlike a patent or trademark, and it can be protected indefinitely in some cases.
However, a trade secret must qualify pursuant to a state’s statute typically modeled after the Uniform Trade Secrets Act (UTSA). Under the UTSA, a trade secret can be protected if:
- The information identifies as one of the eligible types for trade secret protection pursuant to 18 U.S.C. § 1839(3) (A), (B) (1996).
- The information provided the business with an economic value, which has been harmed due to the knowledge of the trade secret.
- There have been reasonable efforts made to keep the information a secret, and to prevent it from becoming easily accessible in the public domain.
Our team can assist you in setting appropriate procedures to ensure your information is protected as a trade secret. We can also draft procedures and/or manuals (or review existing procedures and manuals) to ensure that the categories of information you desire to protect as a trade secret retain such protection.
Maintaining the secrecy of this information is key to trade secret protection, and the attorneys at Widerman Malek can assist you with the procedures you must have in place in order to prevent loss of your trade secret protection.
Should you believe that your trade secret has been misappropriated, please contact us at 321-255-2332 to discuss your options for an action based on theft of your trade secrets.
