What is the Defend Trade Secrets Act of 2016?
Below is an excerpt from Gary Franklin’s recently published article in Vermont Business Magazine about the adoption of the Defend Trade Secrets Act:
A new federal law protecting confidential business information became effective on May 11, 2016. The adoption of the Defend Trade Secrets Act (the “Act”) arose from the federal government’s recognition of the importance of trade secrets and the devastating impact on the economy from their misappropriation. Trade secret theft causes annual losses of more than 2 million jobs and over $300B to the American economy undermining the means and incentive for entrepreneurs to innovate.