Trade secrets are an essential part of a business' success and identity. Unfortunately, sometimes trade secrets are stolen by competitors or former employees. This can create issues for a business through increased competition and diminished brand uniqueness. If your business has had trade secrets stolen, then you should contact Longview TX intellectual property lawyers to see what options are available.
What are trade secrets?
A trade secret is any information that derives economic value and is not known to the general public. This can include methods, formulas, recipes, data, techniques, customer information, supplier information and other similar items. Texas law protects trade secrets in certain circumstances.
What can you do if trade secrets are stolen?
If trade secrets have been misappropriated, then you may have a claim for injunctive relief, damages and attorney fees. Injunctive relief means that a court may issue an order restraining the person or business that stole the trade secrets from using and distributing that information. A violation of this order could have serious consequences, including contempt of court.
Texas law also allows for recovery of monetary damages. The amount of damages that may be recovered depends on the actual loss sustained from the misappropriation of trade secrets and whether the offending party was unjustly enriched. An attorney can help determine the amount of damages that may be available under the circumstances.
When the offending party willfully and maliciously appropriated the trade secrets, the court has the discretion to award attorney fees. Attorney fees may also be awarded if the other party acted in bad faith.
How can an attorney help?
Because trade secrets are subject to various laws, it is important to work with an attorney who understands and has experience pursuing the relief available. Longview TX intellectual property lawyers from Boon Calk Echols Coleman & Goolsby have successfully assisted clients in pursuing trade secret claims. If your trade secrets are being stolen, contact Boon Calk Echols Coleman & Goolsby for a consultation.