Bill > H1408

This bill adopts the Uniform Trade Secrets Act, which establishes a standardized legal framework for protecting trade secrets across the state, replacing existing laws on the subject. It defines a "trade secret" as valuable, non-public information that is subject to reasonable efforts to maintain its secrecy, and "improper means" as methods like theft or bribery used to acquire such information. The bill outlines remedies for "misappropriation," which is the improper acquisition, disclosure, or use of a trade secret, including injunctions to stop the misuse, monetary damages for losses or unjust enrichment, and potentially punitive damages for willful and malicious violations. It also allows for attorney's fees in certain bad-faith legal actions and mandates courts to preserve the secrecy of trade secrets during litigation, while requiring claims to be brought within three years of discovery. The Act is intended to align state law with that of other states that have adopted similar uniform legislation and takes effect on July 1, 2014, applying only to misappropriation occurring on or after that date.