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Senate Passes New Bill 

April 4, 2016

trade secretsThe Senate passed a bill taking aim at those who steal trade secrets from other businesses.  The measure would permit people and businesses whose trade secrets are stolen to sue for damages in federal court, just as those who have other kinds of intellectual property misappropriated, such as patents and trademarks.  The legislation also permit a court to order the seizure of property if it will protect trade secrets that are subject of a lawsuit!  Trade secret theft costs the U.S. economy more than $300 billion a year.  

"Supporters of the legislation say that in the digital world, trade secrets are far more vulnerable than when business plans or a secret formula were locked in the office safe. Businesses use electronic means to share secrets with far-flung business partners, but that can put enormous amounts of information at risk if it's downloaded from a computer or the cloud."

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