Trade Secrets

A trade secret is any business information deemed valuable, that is not general knowledge, and is subject to reasonable efforts to preserve confidentiality. Some information of this nature, like an invention, can be protected via a copyright or patent. A general measure that protects this class of information is the Uniform Trade Secrets Act. As a business owner you should become familiar with the provisions and conditions of the Act so as to protect your private information and not breech the Act.

The Uniform Trade Secrets Act

The Uniform Trade Secrets Act was drafted as a model law to better define rights and remedies of common law trade secrets. With the exception of the U.S. Virgin Island, Massachusetts, New Jersey, New York, and Texas all states including the District of Columbia have adopted the Act.

Misappropriation

As defined by the Act, misappropriation is the wrongful acquisition, disclosure, or use of a trade secret. This means acquiring the secret through improper means, or from another person knowing that they acquired the secret by improper means. The given definition also includes using or disclosing the secret without consent when the circumstances create a duty not to disclose or use it.

Remedies

Should you be the victim of misappropriation, the Act calls for civil rather than criminal liability and creates a private cause of action. Remedies include:

• Injunctions
• Damages, including punitive damages
• Attorney’s fees

Speak with an Austin Misappropriation Lawyer

If you suspect that you have been the victim of misappropriation, you need the support of a law firm that knows business and knows the law. Contact the Austin misappropriation lawyers of Slater, Kennon & Pugh Ltd.LLP at 512.472.2431.