Tuesday, December 23, 2014

Companies May Get a New Weapon in the Fight Against Economic Espionage

Currently, intellectual property owners that want to file suit for trade secret theft can only do so in state court. Under the Senate’s Defend Trade Secrets Act and the House’s Trade Secrets Protection Act, plaintiffs could sue in federal court, where it can be easier to reach defendants that have fled to another state or country.

Both bills, which are similar in scope, have Democratic and Republican sponsors, who cited federal estimates that U.S. businesses lose $300 billion a year as a result of trade secret theft. (more)