Are you aware of the powerful tools at your disposal to safeguard your company’s intellectual property? If not, you’re not alone. Many businesses find themselves in hot water when it comes to protecting their trade secrets. But don’t fear—understanding the Defend Trade Secrets Act of 2016 (DTSA) may be the key to guaranteeing the safety of your company’s assets.
What is the Defend Trade Secrets Act?
The DTSA is a federal law that safeguards trade secrets from misuse, imposing civil and criminal penalties for theft or misuse. It also offers a safe harbor for employees who disclose trade secrets to government officials or attorneys in order to report suspected violations of the law.
One of the most significant aspects of the DTSA is its retroactive applicability. It allows businesses to seek legal recourse even if misappropriation occurred before its 2016 enactment, providing peace of mind by allowing them to address past injustices and ensuring that they have a tool to address such issues.
Understanding Trade Secrets and Misappropriation
What is a trade secret?
A trade secret is any information that is not generally known or readily ascertainable by the public and gives a business a competitive advantage. Trade secrets can include things like customer lists, marketing plans, product formulas, and software code.
What about misappropriation?
Misappropriation, on the other hand, refers to the unauthorized acquisition, use, or disclosure of these trade secrets.
It’s a serious offense that can have severe consequences for businesses. It occurs when someone unlawfully acquires, uses, or discloses confidential information that belongs to another party.
What are the key provisions of the DTSA?
The DTSA includes the following key provisions:
- A civil cause of action for trade secret misappropriation: This allows companies to sue for damages and get an injunction against those who violate their trade secrets.
- Ex parte seizure of misappropriated trade secrets: This allows businesses to seize their trade secrets from the person who misappropriated them, even before a lawsuit is filed.
- Whistleblower protection: This protects employees who disclose trade secrets to government officials or attorneys in order to report suspected violations of the law.
Seeking Legal Counsel: Your Best Defense
While understanding the DTSA is crucial, navigating its complexities can be daunting without proper guidance. This is where the expertise of a Florida business lawyer becomes invaluable. An experienced attorney can help you understand the intricacies of the DTSA, assess your legal options, and chart a course of action that best protects your interests.
The Florida business lawyers at Apfelbaum Law can help you protect your trade secrets by:
- Drafting and reviewing employment agreements, non-compete agreements, and non-disclosure agreements to include the provisions of the DTSA.
- Advising you on how to implement the DTSA in your business.
- Representing you in court if you get involved in a trade secret dispute.
Contact us today to learn more about how we can help you protect your trade secrets.
