By Fredrick P. Niemann, Esq., a NJ Business Attorney
Following the lead of many other states and modeling after the Federal government’s Uniform Trade Secrets Act, Governor Christie signed into New Jersey law the Trade Secrets Act last week. This new statute provides remedies to rightful owners of trade secrets that have their trade secrets misappropriated. The law states that these rightful owners may now bring action in NJ Civil Court and if victorious, may be entitled to certain remedies, including damages for actual loss and unjust enrichment, injunctive relief for threatened or actual misappropriation, punitive damages for certain willful and malicious misappropriation acts, and attorney’s fees in cases of certain willful and malicious misappropriation acts.
If you are confused as to whether or not your information that was stolen or misused is considered a trade secret, you are not alone. Trade secrets are known as formulas, designs, plans, processes, or other types of information that have economic value from not being readily available or ascertainable by other businesses and are the subject of your reasonable efforts to maintain its secrecy. If one is looking for a basic example, think of the formula for coca-cola. If you are unsure as to whether your information constitutes a trade secret, but believe this information was misappropriated, it is important to contact a knowledgeable NJ Business ? attorney immediately, to ensure the statute of limitations does not run on your civil action under the NJ Trade Secrets Act.
Contact me personally to discuss your NJ Trade Secret matter. I am easy to talk to, very approachable and can offer you practical, legal ways to handle your concerns. You can reach me toll free at (855) 376-5291 or email me at fniemann@hnlawfirm.com/.