Virgin Islands Complaint - Trade Secrets - Misappropriation by Former Employee and Prospective Purchaser - Breach of fiduciary duty
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FAQ
Once a trade secret is misappropriated and broadly disseminated, it generally loses its status as a trade secret and is thus no longer protected. It is therefore critically important to guard trade secrets closely. If you own trade secrets, get legal advice regarding measures you should take to adequately protect them.
Real-World Examples The secret formula for Coca-Cola, which is locked in a vault, is an example of a trade secret that is a formula or recipe. Since it has not been patented, it has never been revealed. The New York Times Bestseller list is an example of a process trade secret.
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.
secret defendant's best strategy is to show it only used its own or public information. Independent development is a complete defense to misappropriation because it destroys the plaintiff's third required showing.
Use of a trade secret belonging to another does not always constitute misappropriation. There are two basic situations in which obtaining the use of a trade secret is illegal; where it is acquired through improper means, or where it involves a breach of confidence.
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.
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.
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.