Bill > H23

This bill, titled the Uniform Trade Secrets Act, aims to standardize the laws concerning trade secrets across different states by repealing existing Massachusetts laws on the subject and enacting a new chapter. It defines key terms such as "improper means" (which includes theft or bribery), "misappropriation" (the unauthorized acquisition, disclosure, or use of a trade secret), "person" (any legal entity), and "trade secret" (information that has economic value because it's not generally known and is actively protected). The bill outlines remedies for trade secret misappropriation, including injunctions to stop or prevent misuse, and damages that can cover actual losses, unjust enrichment, or a reasonable royalty. It also allows for exemplary damages in cases of willful and malicious misappropriation and attorney's fees for the prevailing party in certain circumstances. The Act emphasizes the need for courts to protect the secrecy of trade secrets during legal proceedings and requires claims to be stated with particularity. Importantly, it establishes a three-year statute of limitations for bringing a misappropriation action and clarifies that it supersedes conflicting state laws on civil remedies for trade secret misappropriation, while preserving contractual remedies, remedies related to government submissions, other civil remedies not based on trade secret misappropriation, and all criminal remedies. The bill is intended to be applied and interpreted to achieve uniformity among states that adopt it and takes effect on July 1, 2012, with provisions for ongoing misappropriations that began before the effective date.