Minnesota Complaint - Trade Secrets - Misappropriation by Former Employee and Prospective Purchaser - Breach of fiduciary duty
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FAQ
This doctrine holds that a third party is liable when the third party acquires a trade secret from another and then discloses or uses the secret under circumstances where he knows or should have known that the trade secret was wrongfully acquired.
Under the Minnesota Uniform Trade Secrets Act, persons (including corporations or other legal entities) are prohibited from misappropriating trade secrets that belong to another. In simple terms, ?misappropriation? means the improper acquisition, disclosure, or use of a trade secret.
This burden of proof requires the trade secret owner to demonstrate that he or she was in possession of knowledge or information that was not generally known and was valuable precisely because it was not generally known, and that the knowledge or information was subject to efforts that were reasonable under the ...
Most commonly, a plaintiff will seek damages in the form of either its lost profits or the defendant's unjust enrichment. Lost profits and unjust enrichment generally are regarded as mutually exclusive forms of relief, and the award of both in full as an impermissible double recovery.
California law defines the word ?misappropriation? as improper acquisition or unauthorized disclosure of a trade secret without the consent of the owner of that secret. Examples of improper means for acquiring trade secrets include: Theft. Espionage.
Lost profits, unjust enrichment, and reasonable royalties are common measures of damages in trade secret misappropriation cases, but there is another rarely considered measure of damages: the diminution in value of a plaintiff's trade secret caused by the misappropriation.
Breaches of non-disclosure agreements, industrial espionage, theft, fraud, and bribery are all improper means of acquiring a trade secret. For example, if you hack into a company's computer and copy the files, this act of acquiring the secrets improperly is misappropriation.
A violation of Section 1832 is a serious criminal offense carrying stiff penalties. Anyone who steals trade secrets, or receives stolen trade secrets knowing that they were unlawfully obtained, can be punished by a maximum of 10 years in federal prison plus fines. The fines applicable under this section can be severe.