Trade Secret Law
Trade secret law disputes most often arise from the theft of a company’s confidential information, like formulas, programs, techniques, and processes. Theft of a trade secret is legally referred to as trade secret misappropriation. When your company’s valued assets include such information, both state and federal law offer safeguards and causes of action to remedy any economic harm that is caused by misappropriation.
Injunctive relief is a rare form of recovery, but the law recognizes that trade secret misappropriation claims are special. Some companies are entirely built off of a proprietary process or recipe. In these cases no amount of money award would remedy the situation. When this occurs, the court will likely order injunctive relief to prohibit the use of trade secrets. An example would be when a former employee uses a company recipe or steals customer names from the company database.
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Frequently Asked Questions
A trade secret is confidential information that gives a business a competitive edge. This can include formulas, programs, techniques, and processes. The information must be actively kept secret and have economic value to qualify as a trade secret.
Trade secret misappropriation refers to the unauthorized acquisition, disclosure, or use of a trade secret. This can happen through theft, bribery, or breach of a confidentiality agreement. Legal remedies are available to address the economic harm caused by misappropriation.
Both state and federal laws offer protections for trade secrets. These laws provide for various remedies, including monetary damages and injunctive relief, to prohibit the use of misappropriated trade secrets.
Injunctive relief is a court order that prohibits the offending party from using the trade secret. This is often granted when monetary damages are insufficient to remedy the situation, such as when a company is built off a proprietary process or recipe.
Boyer Law Firm specializes in protecting the rights and interests of entrepreneurs and companies in trade secret matters. We offer aggressive litigation against wrongdoers and provide legal counsel to safeguard your company’s valued assets.
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