Intellectual Property, Legislative Updates, Trade Secrets, U.S. House

Federal Trade Secrets Protection Act Approved by House Judiciary Committee

US Gov building 000004688650Medium[1]On September 17, 2014, the House Judiciary Committee approved the bi-partisan federal Trade Secrets Protection Act of 2014, H.R. 5233, which we previously wrote about when introduced in July, 2014 by North Carolina Representative George Holding.  H.R. 5233 seeks to amend the Economic Espionage Act of 1996 to create a federal civil remedy for trade secret misappropriation.  Regarding the importance of the Act, Rep. Holding and other supporters noted that “[a]s of 2009, the value of trade secrets owned by U.S. companies was estimated to be nearly $5 trillion.  While current federal law protects other forms of intellectual property by providing access to federal courts for aggrieved parties to seek redress, there is no federal option to do so for trade secret theft.”

The version of H.R. 5233 approved by the Judiciary Committee remains unchanged from the July 29, 2014 version introduced.  Under the Act, an action must be filed within 5 years of the date when the misappropriation is discovered or should have been discovered.  The Act permits the court to seize property necessary to preserve evidence or to prevent the dissemination of the trade secret, to issue an injunction, and to award damages, including treble exemplary damages in the case of willful and malicious misappropriation.  There are provisions for the award of attorney’s fees in cases of bad faith claims of misappropriation, bad faith regarding termination of an injunction, and willful/malicious misappropriation.

H.R. 5233 was reported out of the Judiciary Committee to the Full House for further consideration on September 17, 2014.

Tony Lathrop

About Tony Lathrop

Tony Lathrop brings experience and a high level of analytical ability, professional credibility and creativity to handling litigation matters. He rigorously represents his clients' interests in a diverse range of claims and actions. A certified mediator, Mr. Lathrop has extensive experience representing business clients in mediation. His service to the legal profession in North Carolina has allowed him to develop relationships across the state that benefit the firm's clients.

Discussion

No comments yet.

Leave a comment

Your email address will not be published. Required fields are marked *

Spam Protection by WP-SpamFree

Welcome to the MVA Litigation Blog!

In an increasingly globalized and regulated business environment, companies are faced with ever-changing and complicated litigation and regulatory challenges. The Moore & Van Allen Litigation Blog provides cutting-edge information regarding developments in federal, North Carolina State, and international litigation, as well as in arbitration, regulatory enforcement, and related business practices.

Connect to Recent Authors

  • Tony Lathrop:  View Tony Lathrop's Bio View Tony Lathrop's LinkedIn profileFollow @TonyLathropLaw on Twitter

  • Subscribe to Blog Via Email

    Follow MVA

    Facebooktwitterlinkedinrss

    Blog Topics

    Archives


    Our Litigation Practice

    Headquartered in the banking and energy hub of Charlotte, North Carolina, Moore & Van Allen has assembled a team of litigators with the intellectual acuity, knowledge of complex commercial transactions, and breadth of experience necessary to successfully serve our clients in all aspects of sophisticated business litigation and white collar criminal defense.

    Guided by trial lawyers with years of substantial state, federal, and international experience, our team addresses the diverse challenges facing our clients, ranging from general commercial litigation and matters involving employment, antitrust, trust & estate, securities or corporate governance issues, to class actions, regulatory enforcement proceedings, and government & internal investigations.

    We represent large Fortune 500® corporations, as well as start-ups, in banking, securities, healthcare, manufacturing, construction, energy, and other industries. We work closely with our clients to develop strategies to meet their business needs, whether that includes taking a case to trial or appeal, arbitrating a case or finding an alternative means of resolution. Read More About Our Practice and Meet the MVA Litigation Team.

    Disclaimer

    No Attorney-Client Relationship Created by Use of this Website: Neither your receipt of information from this website, nor your use of this website to contact Moore & Van Allen or one of its attorneys creates an attorney-client relationship between you and Moore & Van Allen. As a matter of policy, Moore & Van Allen does not accept a new client without first investigating for possible conflicts of interests and obtaining a signed engagement letter. (Moore & Van Allen may, for example, already represent another party involved in your matter.) Accordingly, you should not use this website to provide confidential information about a legal matter of yours to Moore & Van Allen.


    No Legal Advice Intended: This website includes information about legal issues and legal developments. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and should not be taken, as legal advice on any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems. (Read All)