Mississippi Complaint - Trade Secrets - Misappropriation by Former Employee and Prospective Purchaser - Breach of fiduciary duty
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FAQ
A violation of Section 1832 is a serious criminal offense carrying stiff penalties. Anyone who steals trade secrets, or receives stolen trade secrets knowing that they were unlawfully obtained, can be punished by a maximum of 10 years in federal prison plus fines. The fines applicable under this section can be severe.
Lost profits, unjust enrichment, and reasonable royalties are common measures of damages in trade secret misappropriation cases, but there is another rarely considered measure of damages: the diminution in value of a plaintiff's trade secret caused by the misappropriation.
This burden of proof requires the trade secret owner to demonstrate that he or she was in possession of knowledge or information that was not generally known and was valuable precisely because it was not generally known, and that the knowledge or information was subject to efforts that were reasonable under the ...
This doctrine holds that a third party is liable when the third party acquires a trade secret from another and then discloses or uses the secret under circumstances where he knows or should have known that the trade secret was wrongfully acquired.
Criminal Prosecution for Stealing Trade Secrets Sentencing under the Economic Espionage Act can include imprisonment for up to 10 years. If a conviction is obtained against an individual, the defendant can be fined up to $500,000. If a conviction is obtained against a corporation, the fine may be up to $5 million.
To establish violation of trade secret rights, the owner of a trade secret must be able to show the following: (1) Infringement by or competitive advantage gained by the person/company which has misappropriated the trade secret. (2) The owner had taken all reasonable steps to maintain it as a secret.
Trade secret misappropriation occurs when a trade secret has been wrongfully taken or disclosed without consent. A trade secret is defined as information (1) that derives independent economic value from not being generally known, and (2) which has been the subject of reasonable efforts to be kept a secret.
For the first time, the DTSA gives American companies the opportunity to protect against and remedy misappropriation of important propriety information in federal court. Businesses should be aware of the salient provisions of the DTSA discussed below in order to adequately prepare to employ the protections of the DTSA.