Myers Berstein
Toll Free Communication

Trade Secrets Archives

What are Trade Secrets?

Trade secrets are information of any kind, including a formula, pattern, method, technique, or process, with two specific qualities. First, the information must have "independent economic value from not being generally known to the public." Second, the trade secret's owner must take "reasonable steps to maintain the secrecy of the information." A judge or jury would likely analyze this information, examining such factors as sensitivity, who needs access to the information, and whether employees of the company with the trade secrets were actually following internal procedures for protecting information. For more on what makes a trade secret, click here.

Ssshhh . . . Trade Secrets

If you have developed a product, add another duty to your list of obligations: examining other similar products, patent filings, etc. to determine whether a competitor is misappropriating trade secret information. If you do not monitor the filings or if you do and fail to prosecute trade secret misappropriation claims, you may lose the right to sue for trade secret misappropriation.