Chicago Business Attorney Blog
Can You Keep a Secret?
At the federal level, the Defend Trade Secrets Act of 2016 created a pathway for civil action due to misappropriation of trade secrets; federal courts also can rule on criminal trade secret actions based on the Economic Espionage Act of 1996.
The UTSA defines a trade secret as information with actual or potential independent economic value, based on the facts that potential competitors don’t know about it and don’t have the proper means to obtain it; and that “reasonable” efforts are being made to keep that information secret. The information in question can take the form of a formula, pattern, compilation, program, device, method, technique or process.