Federal lawmakers last week unveiled their latest effort to give companies a new track to fight trade-secrets theft — the federal courts. Sens. Chris Coons, D-Del., and Orrin Hatch, R-Utah, filed the Defend Trade Secrets Act on April 28. The measure would create the first federal civil cause of action for trade-secrets theft. The bill, which has bipartisan support on the Hill and broad support in the business community, marks a renewed effort to bolster the ability of corporations to protect intellectual property.
The lawmakers contend federal criminal law is insufficient to protect company secrets — the U.S. Department of Justice brought only 25 trade-secrets theft cases last year — and that state court litigation is often slow and cumbersome. Trade-secrets theft accounts for annual losses ranging from an estimated $160 billion to $480 billion in the United States, according to the lawmakers.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
