Faegre Baker Daniels attorneys Randy Kahnke, Kerry Bundy, Marty Chester and Tyler Young co-authored a piece in the Minneapolis Star Tribune explaining why businesses have reason to celebrate Congress’ bipartisan passing of the Defend Trade Secrets Act (DTSA).
The Act, which is expected to be signed into law by the President soon, establishes federal protections for trade secrets, which, until now, have been protected by state law alone. Existing state laws can make for long litigation, especially when trade secrets cross state lines.
The bill passed in both the Senate and House with overwhelming support atypical of today’s Congress. Opponents to federal trade secret protection have had concerns about how property could be seized under the Act, whether legislation would hinder an employee’s ability to change jobs, and whether state autonomy would be preserved. The authors explained how the DTSA address each of these concerns, fortifying it as a strong step forward for intellectual property law.
“Trade secret theft costs American businesses and communities billions of dollars every year,” the article said. “Congress was right to resolve conflicting interests and give trade secrets federal protection on par with other forms of intellectual property.”