What is Trade Secret Law?

Trade Secret Law is a branch of Intellectual Property Law that protects confidential information and knowledge from being disclosed or misused. In Virginia, Trade Secret Law is primarily defined by state statutes and court decisions, as there is no federal Trade Secret Law. Trade Secret Law aims to protect a company’s proprietary information that is unique and valuable, such as formulas, designs, methods, or information which, if revealed, would give an unfair advantage to competitors. In order to claim trade secret protection, the owner must prove that the trade secret qualifies, meaning that it is not generally known by the public or by people who can obtain economic value from its disclosure or use. They must also prove that they have taken reasonable steps to keep the secret confidential, such as restricting access, instituting internal security measures, and having employees sign nondisclosure agreements. Trade Secret Law gives owners the right to sue for damages if their trade secrets are misappropriated or disclosed without their consent. In Virginia, the misappropriation of trade secrets is punishable by both civil and criminal actions, where the damages are determined by the extent to which the trade secret was used to the detriment of the owner.

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What is Trade Secret Law?

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