What types of damages are available for trade secret misappropriation?
In Virginia, trade secret misappropriation can lead to significant damages for the trade secret owner. These damages can be compensatory or punitive, depending on the seriousness of the misappropriation. Compensatory damages are intended to compensate the trade secret owner for the financial harm caused by misappropriation. This typically includes lost profits, the costs of replacing or reconstructing the trade secret, and any other losses that the misappropriation has caused. Punitive damages are significantly more severe, intended to punish the misappropriator for their wrongful actions and to deter those actions in the future. Punitive damages can be steep and they are typically only awarded when the misappropriator has acted in a particularly malicious or oppressive manner. The judge in the case can also award attorney’s fees and court costs to the trade secret owner if it is found that the misappropriator acted willfully or maliciously. Finally, an injunction can also be awarded in a trade secret misappropriation case. An injunction is a court order that requires the misappropriator to stop using the trade secret or to take certain other steps to protect the trade secret information. Injunctions are typically intended to protect the trade secret owner’s rights in the future, as damages may not adequately compensate them for the misappropriation.
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