Proposed US and EU Trade Secrets Laws Progress but Unlikely to be Enacted This Year
2 12 2015Trade Secrets Law
October 30, 2015
Daniel P. Hart
There’s no doubt that protection of trade secrets is a major concern for most businesses operating in today’s global economy. As we have previously discussed, a few years ago CREATe.org and PwC US released a report that highlighted how far-reaching and deeply challenging trade secret theft is for companies operating on a global scale. Notably, in their report, CREATe.org and PwC estimated that trade secrets theft costs anywhere between 1-3% of the GDP of the United States and other industrial economies.
To address the threat to the trade secrets of US businesses, earlier this year Senators Orrin Hatch (R-UT) and Christopher Coons (D-DE) introduced the “Defend Trade Secrets Act of 2015” (S. 1890) in the United States Senate, while Rep. Doug Collins (R-GA) introduced an identical version of the same bill (H.R. 3326) in the United States House of Representatives. As we discussed here, if enacted, the Defend Trade Secrets Act would provide a civil cause of action in federal court to private litigants for “misappropriation of a trade secret that is related to a product or service used in, or intended for use in, interstate or foreign commerce.” In addition, the bill seeks to (1) create a uniform standard for trade secret misappropriation by expanding the Economic Espionage Act; (2) provide parties pathways to injunctive relief and monetary damages to preserve evidence, prevent disclosure, and account for economic harm to companies; and (3) create remedies for trade secret misappropriation similar to those in place for other forms of intellectual property.
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