Illinois Complaint - Trade Secrets - Misappropriation by Former Employee and Prospective Purchaser - Breach of fiduciary duty
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FAQ
765 ILCS 1065/8. Sec. 8. (a) Except as provided in subsection (b), this Act is intended to displace conflicting tort, restitutionary, unfair competition, and other laws of this State providing civil remedies for misappropriation of a trade secret.
Trade secret misappropriation occurs when a trade secret has been wrongfully taken or disclosed without consent. A trade secret is defined as information (1) that derives independent economic value from not being generally known, and (2) which has been the subject of reasonable efforts to be kept a secret.
Trade secret misappropriation occurs when a trade secret has been wrongfully taken or disclosed without consent. A trade secret is defined as information (1) that derives independent economic value from not being generally known, and (2) which has been the subject of reasonable efforts to be kept a secret.
The Illinois Trade Secrets Act (often referred to as ?ITSA?), 765 ILCS 1065/1 et seq., is a variation of the Uniform Trade Secrets Act. Dual public policies underlie trade secrets law: the maintenance of commercial morality and the encouragement of innovation and invention.
An action for misappropriation must be brought within 5 years after the misappropriation is discovered or by the exercise of reasonable diligence should have been discovered. For the purposes of this Act, a continuing misappropriation constitutes a single claim.
The Illinois Trade Secrets Act defines a trade secret as information that: Includes: ? technical or non-technical data; a formula; ? a pattern; ? a compilation; ? a program; ? a device; ? a method; ? a technique; ? a drawing; ? a process; ? financial data; or ? a list of actual or potential customers or suppliers.
While the Illinois Trade Secret Act contains a five-year statute of limitations, and provides for the award of attorneys' fees in certain circumstances, we do not recommend ever waiting very long at all to enforce misappropriation claims, because doing so undermines the assertion that the information is secret, and ...