A trade secret is privileged and confidential information held by the owners, employees, and a select few others. Examples of trade secrets that have been litigated by Magleby Cataxinos & Greenwood attorneys include:
- Computer codes
- Client lists
- Customer lists
- Complication of information
- Other technology
The trade secret is not known to the general public or to the company’s competition. The theft of trade secrets is generally carried out by employees, former employees and through industrial espionage, or by breach of a confidentiality agreement entered for the exchange of proprietary information as part of a proposed transaction (such as a sale, license, or distribution agreement).
Non-disclosure agreements (NDA’s) and non-compete agreements protect confidential and privileged information. Employees, company representatives, and others who routinely work with the trade secret must comply with the terms of these contracts. A breach of contract involving a trade secret may also constitute a breach of fiduciary duty. Loss of trade secrets can have a dramatic impact on a company’s competitive advantage, and therefore expedited action is often necessary to protect disclosure or use of trade secrets.
Trade secrets are protected by state law. Utah has adopted the Uniform Trade Secrets Act (UTSA). This act imposes civil liability on those who have acquired trade secrets illegally and those who have disclosed trade secrets. Trade secrets are also protected by the federal Economic Espionage Act of 1996, and other common law doctrines.
The firm’s lawyers seek emergency injunctive relief for clients, at hearings before Utah judges. They can readily identify the strengths and weaknesses of a claim involving trademark infringement or trade secret misappropriation. The firm provides effective legal counsel to businesses and individuals at these crucial times.
Questions? Contact An Attorney Today.
The firm’s attorneys are adept at analyzing the subtle and technical points of trade secret misappropriation and breach of contract. The firm welcomes referrals. Contact an attorney to schedule your consultation.