Washington 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.
? EEA makes theft or misappropriation of trade secrets a federal crime. Conviction under the Economic Espionage Act can result in a fine of up to $250,000 for an individual (up to $5 million for corporations), imprisonment up to ten years, or both.
In general, trade secret protection confers owners the right to prevent the information lawfully within their control from being disclosed, acquired or used by others without their consent in a manner contrary to honest commercial practice.
§ 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.
The Uniform Trade Secrets Act ("UTSA") is a piece of legislation created by the Uniform Law Commission (ULC), a non-profit organization. The USTA defines trade secrets and describes claims related to trade secrets. To date, 47 states and the District of Columbia have adopted the UTSA.
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 Trade Secrets Act contains legal definitions of the terms 'trade secret', 'trade secret holder', 'infringer' and 'infringing goods'. Those terms were not previously legally defined. Following the TSD, acquisition of trade secrets through independent discovery and reverse engineering is legal.
Colorado's Uniform Trade Secret Act (UTSA) defines ?trade secret? as ?[T]he whole or any portion or phase of any scientific or technical information, design, process, procedure, formula, improvement, confidential business or financial information, listing of names, addresses, or telephone numbers, or other information ...