The intellectual property that drives the U.S. economy has never been more valuable, or more vulnerable with estimates of trade secrets theft accounting for losses of an estimated $160 billion to $480 billion each year in the United States.
A bill (Defend Trade Secrets Act of 2014 (DTSA) (S.2267)) was recently introduced on Capitol Hill that would create a federal trade secrets cause of action for civil litigants. Currently, claims for trade secret misappropriation are governed by state law, meaning that most trade secret disputes are litigated in state courts, with varying rules and court procedures. If this new Act passes, trade secret claims would be governed by a uniform federal law. This would allow companies to craft a single set of non-disclosure policies with the comfort of knowing that federal law will offer protection against misappropriation of trade secrets.