Federal Trade Secrets Protection Act Approved by House Judiciary Committee
On September 17, 2014, the House Judiciary Committee approved the bi-partisan federal Trade Secrets Protection Act of 2014, H.R. 5233, which we previously wrote about when introduced in July, 2014 by North Carolina Representative George Holding. H.R. 5233 seeks to amend the Economic Espionage Act of 1996 to create a federal civil remedy for trade secret misappropriation. Regarding the importance of the Act, Rep. Holding and other supporters noted that “[a]s of 2009, the value of trade secrets owned by U.S. companies was estimated to be nearly $5 trillion. While current federal law protects other forms of intellectual property by providing access to federal courts for aggrieved parties to seek redress, there is no federal option to do so for trade secret theft.”
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