Bill > S2456

This bill, known as the "New Jersey Trade Secrets Act," establishes legal protections for trade secrets, which are defined as valuable information that is not generally known and is kept secret through reasonable efforts, such as formulas, business data, or designs. The act defines "improper means" as theft, bribery, or unauthorized access, and "misappropriation" as acquiring or disclosing a trade secret through such improper means. It outlines remedies for trade secret misappropriation, including injunctions to stop the unauthorized use or disclosure, and damages to compensate for actual losses or unjust enrichment, with the possibility of punitive damages for willful and malicious violations. The bill also allows for the recovery of attorney's fees and costs in certain circumstances, such as bad faith claims or willful misappropriation, and sets a three-year statute of limitations for bringing an action after discovery of the misappropriation. Importantly, this act is intended to supplement existing laws, but it will supersede conflicting laws regarding civil remedies for trade secret misappropriation, with an exception for actions against public entities or employees, which will be governed by the "New Jersey Tort Claims Act."