Do you need to update your confidentiality agreements and trade secret policies?

On May 11, 2016, President Obama signed into law the Defend Trade Secrets Act (“DTSA”), creating a US federal cause of action for trade secret misappropriation. We believe that this new law may have an impact on many of our clients who possess and protect their confidential information.

It is important to note that the new law requires that both employees and independent contractors be notified of certain exemptions in the confidentiality of trade secrets. Without proper notification, employers risk the loss of punitive damages and attorney’s fees that they may have been otherwise able to collect in an action for misappropriation of trade secrets. This requirement applies to all agreements that are entered into or updated after May 11, 2016.

If you have concerns about whether this new law affects you, please contact our office.

Judith Keene, Esq.
Senior Counsel

This Press Release is for informational purposes only and is not intended to be legal advice. If you have specific legal questions, please contact a qualified practitioner.