Trade secrets can add incredible value to business operations in Texas. For example, a secret recipe, process or formula could give you a beneficial edge over your competitors.
Even when you take measures to secure and protect your trade secrets, they may still be vulnerable to misappropriation. Below are two options under Texas law to consider if an employee or someone else steals your trade secrets.
Seek injunctive relief
Victims of trade secret misappropriation can ask the court to issue an injunction barring the other party from using your trade secrets for their own benefit. Often, this option can prevent the need for further court involvement in an intellectual property case.
When granted, an injunction may endure for as long as the trade secret exists. In some circumstances, it may even protect business owners for a reasonable period after a trade secret ceases to exist.
Obtain financial damages
You may qualify for financial damages after the misappropriation of company trade secrets. Often, you can obtain these damages in addition to injunctive relief. You must be able to provide “clear and convincing” evidence that the stolen trade secrets harmed you or your business significantly.
For example, losing customers or suffering severe financial losses are two ways trade secret theft may harm a business. If the misappropriation was malicious and willful, you may even be eligible to receive exemplary or punitive damages.
Legal guidance is wise when searching for a way to overcome the harm suffered through business trade secret theft. It can help you identify a solution to improve your situation without risking too much of your company finances.