Trade Secrets
Your Secret to Success
Petock & Petock, LLC regularly advises clients with respect to trade secret matters, drafts of confidential disclosure agreements and other agreements relating to the protection of trade secrets and enforcement of trade secret rights in the Courts. Further, Petock & Petock has prosecuted suits for misappropriations of trade secrets by former employees leaving a client’s business and has defended clients accused of misappropriation. Further, in any litigation there are often claims and counterclaims which are simultaneously prosecuted which include patent infringement, trademark infringement, unfair competition, misappropriation of trade secrets, copyright infringement, antitrust violations and the like. The firm has regularly represented clients in all of these types of matters.
Trade Secret Primer:
Under the Pennsylvania Uniform Trade Secrets Act (PAUTSA) actual or threatened misappropriation of a trade secret is actionable. A trade secret is defined as “information, including a formula, drawing, pattern, compilation including a customer list, program, device, method, technique or process that: (1) derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use and (2) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.” Therefore just about anything used in a business that has value and its kept secret can be considered a trade secret. Courts look closely at whether the information claimed to be a trade secret has been adequately protected as a trade secret and failure to take appropriate steps to keep the information secret can eliminate the possibility of protection under PAUTSA. A plaintiff who believes misappropriation has occurred must act diligently to protect its rights. There are also defenses to claims of trade secret misappropriation so anyone accused of misappropriation should or threatened with suit should consult with an attorney. The damages for misappropriation can be significant including actual damages, exemplary damages and attorney’s fees in some cases.
