Intellectual property is an invention or piece of work that you have created. It can be a literary manuscript or a technical design, and you have rights that can protect your asset when you apply for a patent, trademark, or copyright.
Defend Trade Secrets Act (DTSA)
The DTSA approved by President Obama enables companies to file lawsuits for trade-secret theft under federal law. It beefs up the Economic Espionage Act of 1996 and further protects your intellectual property. However, it also creates new obligations for owners.
New Rights and Responsibilities
Before the DTSA, each state had its own laws for trade secrets. The new law creates nationwide legislation that enables companies to file suit or bring a federal cause of action for intellectual property theft or misuse. However, it doesn’t override existing state laws.
Under this legislation, owners who can present a strong case are able to apply for ex parte seizure to prevent other companies from exploiting their intellectual property. Of course, such sweeping motions require a high standard of proof.
Protection to Whistleblowers
Whistleblowers, those who expose trade secret violations, can receive immunity in some cases. For instance, if you share trade secrets as part of a local, state or federal investigation to expose criminal behavior, DTSA protects you from consequent liability. To obtain immunity, you must disclose the information to your lawyer under seal and as part of a court order.
Penalties
The DTSA allows you to collect damages for intellectual property violations. Damages include your actual losses due to the trade secret misappropriation. If the defendant is found guilty of willful and malicious misappropriation, you may receive double the amount of the total damages and attorney fees.
Maldjian Law Group LLC are experts in helping clients obtain and protect their intellectual property. They are dedicated to ensuring fair compensation for creative owners whose trade secret rights have been violated.
