The GT Alert — New Bill Seeks to Combat Theft of Trade Secrets, Protect Jobs was prepared by Johnine P. Barnes.
On April 29, 2014, Senator Christopher Coons (D-Del.) and Senator Orrin Hatch (R-Utah) introduced legislation to provide a federal cause of action to curtail the estimated $160 billion to $480 billion currently being lost by U.S. companies as a result of trade secret theft each year. The legislation would allow both individuals and private companies to file lawsuits under the Federal Economic Espionage Act of 1996, which currently only applies in criminal matters. The authors discuss the bill and the remedies it would allow those who are successful in suing offenders.
To view the GT Alert as a PDF, please click here.