The Uniform Trade Secrets Act
Nearly every state in the US, including Iowa, has adopted the Uniform Trade Secrets Act (UTSA). This is an important piece of legislation that gives businesses the right to protect information vital to their success. If your business is centered on a certain idea, design, or formula that needs to be protected from competitors, you should be familiar with the rights granted to you by UTSA.
Defining “Trade Secret”
According to UTSA, an invention or piece of information needs to meet two criteria to be considered a trade secret:
- Derives its economic value from not being widely known
- Has been reasonably protected by its owners
Examples include recipes for food products, instructions for building a device your business sells, or special operating techniques your business has developed. If you have any questions about whether your intellectual property qualifies, our Des Moines trade secret attorneys can help.
Damages for Misappropriation
Misappropriation occurs whenever a trade secret is leaked to other businesses or individuals without its owner’s permission. When this occurs, a business owner may have grounds for legal action against the person who misappropriated the secret. If your business’s trade secrets have been improperly shared, a Des Moines trade secret lawyer can help you obtain:
- An injunction against the defendant to cease use of the trade secret
- Compensation for your business’s economic losses
- Compensation for attorney’s fees in certain egregious cases
The leak of a trade secret can seriously harm a business’s financial future. If you manage or plan to start a business, you need to be familiar with the protection offered by UTSA.
Small businesses are particularly vulnerable to the economic devastation that misappropriation of trade secrets can cause. For information about protecting your business’s important information, contact the Des Moines business lawyers of LaMarca Law Group, P.C. at (877) 327-2600.