Bill > A921

This bill, known as the "New Jersey Trade Secrets Act," establishes a legal framework for protecting trade secrets in the state, defining key terms like "trade secret" as valuable, non-public information that is subject to secrecy efforts, and "improper means" as illegal or unethical methods of acquiring such information, such as theft or breach of duty. The act allows for court injunctions to prevent or stop the unauthorized use or disclosure of trade secrets, and in certain situations, may require payment of a reasonable royalty instead of an outright ban on use, especially if a party has significantly changed their position before knowing about the misappropriation. It also provides for monetary damages, which can include actual losses and unjust enrichment, and allows for punitive damages in cases of willful and malicious misappropriation, with a statute of limitations of three years from discovery. The bill clarifies that existing legal rights are generally preserved, but this act supersedes conflicting laws regarding civil remedies for trade secret misappropriation, with an exception for the "New Jersey Tort Claims Act" when dealing with public entities or employees.