Session BI35: Identifying and Protecting Trade Secrets in Public and Private Sectors
February 20, 15:00 - 15:45
TRADE SECRETS: Theft and Protection Abstract:
On October 11, 1996, President Clinton signed "The Economic Espionage Act of 1996" into law. The theft of trade secrets is now a federal criminal offense. This is a major development in the law of trade secrets in the United States and internationally. The Department of Justice now has sweeping authority to prosecute trade secret theft whether it is in the United States, via the Internet, or outside the United States. But is this act enough and how well does this protect Trade Secrets from theft in both the public and private sectors?
The term "trade secret" means all forms and types of financial, business, scientific, technical, economic, or engineering information, including patterns, plans, compilations, program devices, formulas, designs, prototypes, methods, techniques, processes, procedures, programs or codes, whether tangible or intangible, and whether or how stored, compiled, or memorialized physically, electronically, graphically, photographically, or in writing if (A) the owner thereof has taken reasonable measures to keep such information secret; and (B) the information derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable through proper means by the public.
A violation of Section 1832 can result in stiff criminal penalties. If the trade secret theft benefits a foreign government, foreign instrumentality or foreign agent, the penalties are even greater.
R. Mark Halligan, Esq. will discuss the issues surrounding trade secrets from theft to protection whether the act is purpertrated by national or international thieves.
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