At Hiller, PC, our New York commercial litigation lawyers frequently field questions about trade secrets. Here, we provide a brief overview of New York trade secret law.
Trade Secrets Defined
New York has not adopted a version of the Uniform Trade Secrets Act, nor is there a specific state statute that governs “trade secrets.” Rather, trade secret law in New York is built on case law (judge-made law) and the Restatement of Torts.
In New York, a “trade secret” is a device, process, formula or other such thing that is used to provide an advantage over competitors. Each trade secret dispute is considered on a case-by-case basis, but the following factors suggest the information at issue is a trade secret:
- The information has value;
- The information is known only to your employees and persons involved in your business, and is not known outside your business;
- You have taken reasonable steps to protect the information (e.g., requiring prospective employees to sign non-disclosure agreements as a condition of employment);
- It would be difficult for someone else, lawfully, to copy or ascertain the information on their own.
Trade Secrets Stolen
If a judge determines that another party has stolen (“misappropriated”) a trade secret, then you may be entitled to:
- Injunctive relief: The court may issue an order prohibiting the defendant from further use or dissemination of the trade secret.
- Compensatory damages: You may be awarded a sum of money to compensate you for financial losses incurred as a result of the misappropriation.
- Punitive damages: In particularly egregious situations, you may be awarded a sum of money for the purpose of punishing the wrongdoer and discouraging similar conduct in the future.
Contact an Experienced New York Commercial Litigation Lawyer at Hiller, PC
If you believe your company’s trade secrets may have been violated, contact an experienced New York commercial litigation lawyer at Hiller, PC. We can review the facts of your case, explain your legal options, and help you resolve the matter as favorably and efficiently as possible. To schedule a free consultation, call us today, at (877) 784-7876.