Raleigh Trade Secret Business Litigation Firm – Non-Compete, Non-Solicitation and Trade Secret Disputes
January 15, 2013
North Carolina General Statute 66-152 is known as the North Carolina Trade Secrets Protection Act. A trade secret is business or technical information that derives independent actual or potential commercial value from not being generally known by the public or being readily ascertainable from independent development and is the subject of reasonable efforts to maintain its secrecy. Some types of items that qualify as trade secrets include cost history information, price lists, confidential customer lists, pricing formulas, and bidding formulas.
Damages can be ascertained in part from lost profits by the company and/or gains in profit by its competitors who benefitted from those trade secrets. Parties can also obtain an injunction preventing the use of those misappropriated trade secrets. Parties can also recover, in some situations, punitive damages and their reasonable attorney fees.
There also is some overlap between the Trade Secrets Protection Act and the Unfair and Deceptive Trade Practices Act. Courts have found that where trade secrets were misappropriated and it involved unethical or unscrupulous behavior, that the damages could be tripled and attorney fees may be awarded.
Maginnis Law, PLLC is a Raleigh civil litigation firm handling business law cases for clients throughout Wake County, including Cary, Apex, Wake Forest, and Holly Springs. The firm also handles certain business cases throughout the Triangle and the state, including federal court matters in all three North Carolina districts. Contact the firm at 919.526.0450 to discuss your business trade secret matter or submit a new case inquiry here.