Legislation allowing victims of trade secret theft to sue in Federal court was introduced in the Senate recently. The Protecting American Trade Secrets and Innovation Act of 2012, sponsored by Senators Herb Kohl, Chris Coons and Sheldon Whitehouse, grants companies the option of using Federal courts to bring a civil lawsuit against offenders. The proposed law helps companies maintain their global competitive edge by ensuring an effective and efficient way to recover their losses from trade secret theft.
Today, companies wishing to stop the harm or seek damages for losses must use state courts with a variety of laws. The tools available in Federal courts—nationwide service for subpoenas, discovery and witness deposition—are often necessary for major trade secret cases. And, for trade secret holders operating nationwide, a single federal law is more efficient and less costly than navigating 50 different state laws.
Theft of trade secrets causes long term damage. As Kohl said, “This legislation is another simple…step we can take to help companies defend themselves against trade secret theft.” For more information and an update on the statute, please contact Sam Frederick at 517-371-8103 or use the form below.