Trade Secrets — Damage— - Exemplary refers to the damages that can be recovered from a party who has misappropriated a trade secret. Trade secrets are confidential information, processes, or technology that are used to give an organization a business advantage. Exemplary damages are awarded as a punishment to the wrongdoer to deter future wrongdoing and to compensate the victim for losses that may not be easily quantifiable. There are two types of exemplary damages: statutory and common law. Statutory exemplary damages are provided for under statues to protect businesses from unfair competition or theft of trade secrets. Common law exemplary damages are awarded by a court of law in cases of willful misconduct. Both types of exemplary damages are intended to punish the wrongdoer and deter them from misappropriating trade secrets in the future.
Trade Secrets - Damages - Exemplary
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FAQ
Breaches of non-disclosure agreements, industrial espionage, theft, fraud, and bribery are all improper means of acquiring a trade secret. For example, if you hack into a company's computer and copy the files, this act of acquiring the secrets improperly is misappropriation.
Unjust enrichment damages Under the theory of unjust enrichment, a plaintiff can recover any gains made by the defendant related to the misappropriation of trade secrets.
Unjust enrichment is a monetary remedy in equity that seeks to deny defendants any financial gain or benefit they obtained from a wrongful act and give it to the plaintiff. Essentially, defendant's unjust enrichment measures the defendant's ill-gotten gains.
Exemplary damages award two times the compensatory damage award. When exemplary damages are awarded, the court also grants attorney fees requests. Attorney fee awards may also be granted in situations where a party files a misappropriation claim in bad faith.
Under the DTSA, parties may seek ?exemplary? (i.e., punitive) damages up to twice the amount of ordinary damages if the trade secret is ?willfully and maliciously misappropriated.?41 While some state statutes (like California's) include the same cap on punitive damages, others (e.g., Ohio's) allow up to three times in
The acts of copying and receiving trade secrets also fall under the act's purview. Individuals convicted of violating the Economic Espionage Act could face up to a $500,000 fine and ten years of prison time.
Under federal law, if someone has caused you financial or business harm by misappropriating your trade secret, you may be entitled to damages in the amount of the actual monetary loss caused by the misappropriation. Damages may also be awarded for any unjust enrichment caused by the misappropriation.
Under federal law, if someone has caused you financial or business harm by misappropriating your trade secret, you may be entitled to damages in the amount of the actual monetary loss caused by the misappropriation. Damages may also be awarded for any unjust enrichment caused by the misappropriation.