Virginia Complaint - Trade Secrets - Misappropriation by Former Employee and Prospective Purchaser - Breach of fiduciary duty
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FAQ
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.
§ 59.1-336). Restricts a punitive damages award to either of the following, whichever is less: 1) two times the monetary damages; or 2) $350,000. (Va.
Description. The Uniform Trade Secrets Act (UTSA) provides a legal framework for improved trade secret protection.
If a person agrees to act in a fiduciary relationship with another party, the law forbids the fiduciary from behaving in a manner that goes against the interest of the client or is for his/her own personal benefit. The fiduciary must then act with only the best of efforts, consideration, and diligence for the client.
Under Virginia law, ?misappropriation? refers to the acquisition of trade secrets by someone who either knows or has reason to know that the trade secret in question was obtained by improper means, which include theft, bribery, misrepresentation, breach or inducement of breach to maintain secrecy.
§ 59.1-336. Short title and definitions "Improper means" includes theft, bribery, misrepresentation, use of a computer or computer network without authority, breach of a duty or inducement of a breach of a duty to maintain secrecy, or espionage through electronic or other means.