Following the lead of 46 other states and the District of Columbia, New Jersey Governor Chris Christie has signed into law a trade secret statute modeled after the Uniform Trade Secrets Act. The statute provides owners of trade secrets with a civil claim for trade secret misappropriation, and several important remedies. It also specifies certain defenses that may not be asserted by trade secret defendants and sets forth procedures to be followed by courts in trade secret litigation.
Here are highlights of the remedies for violations of the new act:
- injunctive relief for actual or threatened misappropriation of a trade secret;
- damages for both actual loss and for unjust enrichment;
- punitive damages, no greater than twice that awarded for actual damages, in cases involving willful and malicious misappropriation; and
- attorneys' fees in cases involving willful and malicious misappropriation.
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