Trade Secret Protection
Companies turn to us for assistance when their confidential trade secrets have been illegally taken by an employee without the company’s knowledge and/or consent. In other scenarios, trade secrets are illegally obtained and exploited by another company, not by an individual.
Billion-dollar corporations will sometimes steal the trade secrets of much smaller companies. The large corporation has calculated that stealing and exploiting these trade secrets and the consequent litigation is more cost-effective than purchasing the rights to those trade secrets.
These are all common examples of trade secrets violations. All are illegal, but companies being victimized must move swiftly to stop the illegal use of their trade secrets and recover damages.
What Is a Trade Secret?
A trade secret is information that has actual or potential economic value because it has not been publicly disclosed and is not easily obtainable. As a result, an organization seeks to keep this information private. Information is only a trade secret if it is kept private and not published or sold. Once public, a trade secret is likely to lose that distinction. Though not registered like a copyright or patent, a trade secret can be a company’s most valuable intellectual property
A trade secret can be many things, including but not limited to an invention, process, customer list, program, technique, design, plan, prototype, code, or the results of series of tests or scientific research.
Let Us Help You Protect Your Trade Secrets
Because the definition of a trade secret is broad, many different types of information receive protection under the Defend Trade Secrets Act of 2016. If there is more than one occurrence of a trade secret violation, the defendant can be sued for racketeering.
If your trade secret is stolen, an attorney must move quickly to stop the use of the trade secret by proving the information is yours and has been illegally obtained. This could involve going to court to file an injunction. Discovery and depositions may also be required. Although these cases can be resolved quickly, they are typically hard-fought over a period of time.
When a small company’s trade secrets are purloined by a much larger company, the smaller company often hesitates to seek justice because they assume they cannot win. However, a successful lawsuit could mean triple damages plus punitive damages and attorney fees. Kolman Law has been involved in major trade secret litigation in New York against billion-dollar corporations brought by individuals who had their trade secrets stolen.
If you believe your trade secrets may have been illegally obtained and leveraged, you have every right to fight for what is yours. Contact us today to schedule a consultation.