Trade secrets vs. confidential information

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A trade secret is confidential business information that provides an economic advantage over competitors. It must not be publicly known, provide some economic benefit from being secret, and reasonable efforts must be taken to maintain its secrecy. Confidential information refers to sensitive information received in confidence from another party that one has a duty to not disclose without permission. Both trade secrets and confidential information involve keeping certain business or personal information private, but trade secrets specifically provide an economic advantage from being secret.

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Trade Secrets: Presentation on Trade Secret Protection in India - BananaIP BananaIP Counsels, formerly Brain League IP Services, founded in 2004 at the Indian Institute of Management (IIM) Bangalore’s incubation center (NSRCEL), is recognized as an IP/Patent trailblazer in India. The firm’s mission is to help clients maximize business value from their Intellectual Property (IP)/Patents, and gain competitive advantage in the market place. In its evolution from Brain League, BananaIP carries forward the firm’s core values – Merger of Technology,Management and Law, Swift Adaptation to changes in competitive environment, and business driven approach to Intellectual Property (IP)/Patent Services. Contact Us for Intellectual Property Services BananaIP Counsels Regd Office No.40,3rd Main Road,JC Industrial Estate, Kanakapura Road,Bangalore – 560 062. Email: contact@bananaip.com Telephone: +91-80-26860414 /24/34

What Is a Trade Secret?

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This is a brief intro to Trade Secret law. This presentation includes: • A definition of Trade Secrets. • Description of “Negative” Trade Secrets. • How long do Trade Secrets last? • Legal protection for Trade Secrets. • How do you file a Trade Secret? (Spoiler: you don’t.) • How to protect Trade Secrets. • What happens when a Trade Secret is breached? • Trade secret licensing.

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Just last Wednesday, President Obama signed into law a major revision to U.S. trade secrets law. Entitled the Defend Trade Secrets Act of 2016 (“DTSA”), the legislation creates, for the first time, a Federal private, civil cause of action to protect trade secrets. As an additional body of protection over and beyond current state law, the legislation provides for nationwide substantive and procedural consistency and enhances the basic remedies of injunctive relief and damages. Most significantly, for the first time, it will provide for ex parte civil seizure of stolen trade secrets. The following provisions of the new law will be discussed, along with implications for labor and employment practitioners: -Details of the new law’s major provisions and the differences from and advantages over current state law; -Requirements for and limitations on obtaining ex parte seizure; -Enhanced judicial protections from disclosure in litigation; -New protections for whistleblowers who disclose trade secrets to governmental authorities or courts; -New requirements for employment agreements and policy documents containing confidentiality provisions

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