What are Trade Secrets?
A trade secret is information regarding a valuable and unique method or technique that a business employs. Your trade secrets are the key to the success of your business. In order to invoke legal protections for these secrets, a business must make an effort to maintain their secrecy.
But what if a trade secret is misappropriated? Under Georgia law, there are several types of relief available for the victims of such misappropriation:
- Injunctive relief. Actual or threatened misappropriation may be enjoined. An injunction will be terminated if the trade secret has ceased to exist, but it may be continued for an additional reasonable period of time under appropriate circumstances.
- Affirmative acts. Court can compel a misappropriator to take affirmative acts to protect a trade secret.
- Recovery of monetary damages. Damages can include both the actual loss caused by misappropriation and the unjust enrichment caused by misappropriation. If neither damages nor unjust enrichment can be proven, the court may award damages caused by misappropriation measured in terms of a reasonable royalty for a misappropriator's unauthorized disclosure or use of a trade secret.
- Exemplary (or punitive) damages. Where there is willful and malicious misappropriation, the court may award exemplary damages in an amount not exceeding twice any monetary damages award.
Trade secrets are essential to the continued success of your business. If your trade secrets have been misappropriated, you need experienced legal advice to help you deal with this potentially damaging situation. Contact a knowledgeable Georgia business law attorney today.