Deceptive Trade For Nevada In Wake
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Trade secret misappropriation is illegal under Nevada's Uniform Trade Secrets Act. These laws define misappropriation as improper acquisitions, disclosures or uses. A trade secret is improperly acquired if it was obtained unlawfully.
A deceptive trade practice is a misleading act that causes harm to consumers or competitors in the market. For something to be considered a deceptive trade practice, it must affect commerce and cause some type of harm — usually financial harm — to consumers or a competing business.
It is illegal in Nevada to disseminate or distribute false or misleading advertising under NRS 207.171. Being sued and/or convicted of false or misleading advertising have both civil and criminal consequences.
1. A person engages in a “deceptive trade practice” when in the course of his or her business or occupation he or she knowingly: (a) Conducts the business or occupation without all required state, county or city licenses. (b) Fails to disclose a material fact in connection with the sale or lease of goods or services.
Examples of deceptive trade practices in this area include making false statements, omitting important details, and advertising unavailable goods or services. While many companies exaggerate the benefits of their products, it is unlawful to completely fabricate information.
The primary purpose of the DTPA is to protect consumers against false, misleading, and deceptive business and insurance practices, unconscionable actions, and breaches of warranty.
The Restatement of Torts defines a trade secret as business information that provides a competitive advantage to those who are not aware of it or not using it. Examples include chemical compounds, customer lists, manufacturing processes, formulas, and patterns.
Trade secret protection covers confidential information, which can include technical and scientific data, business and commercial information, and financial records. Even “negative” information, like failed experiments, can be valuable by helping companies avoid repeating costly mistakes.
Proving the Information Has Competitive Value Though any type of information can qualify as a trade secret, it must have economic value. And this value must derive from its not being known or discoverable by your competition. Simply put, trade secrets are secrets that your competition could profit from knowing.