![]() ![]() Corporations found to be in violation of the act face even steeper penalties-fines for corporate entities can be as much as $5 million-and stolen secrets and property may be seized by the government.īroadly speaking, the fiscal impact of cases dealing with the subject matter can be rather sizable. Individuals convicted of violating the Economic Espionage Act could face up to a $500,000 fine and ten years of prison time. The acts of copying and receiving trade secrets also fall under the act’s purview. According to the Economic Espionage Act of 1996, stealing trade secrets can be prosecuted as a state and federal crime. Generally, these cases are adjudicated in civil court, but there are certain instances where stealing protected information could be a criminal matter. Trade secret litigation can take a number of forms. What defines a trade secret can vary by jurisdiction, but some examples of secrets include customer and supplier information, marketing strategies, new business models, and other types of confidential information one would generally not want their competitors to know. As such, trade secret litigation has evolved into a niche, but growing area of law practice.īelow, we will explore some of the key elements of trade secret litigation, its scope and magnitude, distinctions between trade secrets and other types of intellectual property, as well as several other important considerations. Too often, these pieces of property are insufficiently protected, misunderstood, and do not get the attention they deserve. The intellectual property owned and protected by businesses carry with them enormous economic weight and are often the target of inappropriate corporate activities such as espionage and theft. Trade secrets, and their associated value, are an understated facet of commercial activity. ![]()
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