Texas trade secret attorney Keith Clouse notes that trade secret law in Texas will change radically next month.
August 21, 2013
(press release: cdklawyers) // Dallas, Texas, United States // Keith Clouse Texas trade secret attorney Keith Clouse notes that trade secret law in Texas will change radically next month. Earlier this year, Texas lawmakers adopted the Uniform Trade Secrets Act. The act will become effective for all acts of theft or misappropriation occurring on or after September 1, 2013. Many commentators believe that this new law affords employers even greater opportunities to protect important company information. In fact, many companies may wish to update their employment agreements and corporate policies to better reflect the benefits the new law provides.
Previously, common law, or judge-made law, governed Texas trade secret matters. Now, statutory law will cover all aspects of trade secret law, from the very definition of “trade secret” to the remedies available to a victim of trade secret theft. Trade secrets will be statutorily defined as information, including any “formula, pattern, compilation, program, device, method, technique, process, financial data, or list of actual or potential customers or suppliers,” that derives independent economic value from not being generally known or readily ascertainable by others and that is the subject of reasonable efforts to protect its secrecy. Available remedies will include injunctive relief, exemplary damages, and attorney’s fees.
To discuss this new law with Mr. Clouse, contact Clouse Dunn LLP. You can also send an email to email@example.com or call (214) 239-2705.