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Will 2017 be the year of trade secret litigation?

Last year, the Defend Trade Secrets Act was put into place by Congress. The law provides companies with a bevy of new legal tools and remedies to address issues relating to trade secret theft and litigation. While this may help a number of companies out there, it will almost certainly lead to an increase in the number of lawsuits relating to trade secrets in 2017, and possibly beyond.

Trade secrets are incredibly important pieces of information that any business will want to protect as vigorously as possible. Given their inherent value, it is equally invigorating for other companies to know those trade secrets. These bits of information inherently derive their value from the fact that few people actually know them.

Now, the state of Minnesota has clearly defined laws that define what a trade secret is (under the Minnesota Uniform Trade Secrets Act). Companies all across the state should be familiar with this law, and if they have valuable intellectual property, they should be prepared to defend that IP under state law or this new federal one (the DTSA).

If you are engaged in trade secret litigation or you are trying to protect and defend your intellectual property, then you need to consult with an attorney so that you know all your options and possible remedies. At Faricy Law Firm, we can help any business proactively address their issues with trade secret litigation, whether you are being accused of stealing trade secrets or if your trade secrets have been compromised.

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