What is a trade secret misappropriation?
Trade secret misappropriation is a type of intellectual property law in South Carolina that is concerned with the unauthorized use or disclosure of confidential information. Trade secrets are the confidential information of an individual or a business that gives them a competitive advantage in the marketplace. They can include things such as recipes, formulas, processes, designs, customer lists, financial documents, and marketing plans. When someone takes that information without permission and uses it for their own gain, this is called trade secret misappropriation. In South Carolina, trade secret misappropriation can be a civil or criminal act, and the details of the case dictate the penalties. Penalties can range from fines, to restitution, to imprisonment. In addition, a victim of trade secret misappropriation can also bring a civil lawsuit against the individual or business responsible for the misappropriation of confidential information. In this case, they may be able to recover compensatory damages, such as lost profits, and punitive damages.
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