Trade secrets are a type of intellectual property protected by both federal and state laws in the U.S. In Florida, they are governed by the Florida Uniform Trade Secrets Act (FUTSA), outlined in Chapter 688 of the Florida Statutes. This law defines what a trade secret is and provides a legal framework for its protection and remedies if someone improperly acquires it.
What is a Trade Secret?
In Florida, a trade secret is information that:
- Has economic value because it is not generally known or easily discovered by others who could benefit from it.
- Is kept secret through reasonable efforts, such as confidentiality agreements or restricted access.
This broad definition covers many types of information, like formulas, methods, techniques, or processes.
More specifically, “economic value” and “secrecy” mean the following per the Florida statutes:
1. Economic Value
The information must provide some sort of economic benefit to its owner and be of value to others in the industry who do not have it. The value may be actual or potential, but it must be due to the fact that the information is not generally known or readily ascertainable by others. (Fla. Stat. § 688.002(4)(a)).
2. Secrecy
Under FUTSA, trade secrets are protected against misappropriation, which is defined as the acquisition of a trade secret by someone who knows or has reason to know that the trade secret was acquired by improper means. Improper means can include theft, bribery, misrepresentation, breach or inducement of a breach of a duty to maintain secrecy, or espionage through electronic or other means. (Fla. Stat. § 688.002(2)).
How Trade Secrets are Protected in Florida
FUTSA protects trade secrets from being misappropriated, which means acquiring them through improper means such as theft, bribery, or espionage.
Remedies for Misappropriation:
If a trade secret is stolen, the owner can seek:
- Injunctive Relief: A court order to stop the use or disclosure of the trade secret.
- Damages: Compensation for losses due to the theft or a reasonable royalty.
- Attorney’s Fees: If the theft was willful and malicious, the court might also award attorney’s fees.
Limitations
Trade secret protection does not cover information that is common knowledge, easily discovered, or not kept confidential by the owner. It also does not prevent others from independently discovering or reverse engineering publicly available products.
Conclusion
In summary, Florida law provides strong protections for trade secrets, but maintaining that status requires continuous effort to keep the information confidential. Protecting trade secrets is vital for the long-term success of a business. If you have questions, contact the experienced Florida business lawyers at Hoyer Law Group for a consultation.
