NJ Trade Secrets Act | Signed Into Law

By Thomas McKinney

On January 9, 2012, the Governor signed the Trade Secrets Act making it the law of New Jersey.  The Trade Secrets Act protects business information that meets three criteria: it is not generally known, it provides economic value from its use, and the business makes a reasonable effort to keep it a secret.  The Act provides a civil remedy against any person who obtains any trade secret by improper means or improperly discloses such information.  It provides for damages beyond the actual loss of money from disclosure (such as a “reasonable royalty”) as well as punitive damages equal to twice the amount of damages awarded.  Before the Act was signed this week, New Jersey was one of only four states in the United States that did not have a statute protecting trade secrets.

About the Author
Tom McKinney is an experienced NJ Employment Lawyer in all major areas of labor and employment law, including discrimination, harassment, overtime violations, wage and hour claims, sexual harassment, wrongful discharge, Title VII, ADA, ADEA, FMLA, LAD, FLSA, and all other employment law claims. Tom is admitted to practice in the States of New Jersey and New York, United States District Court for the Eastern District of New York, Southern District of New York, District of New Jersey, and United States Court of Appeals for the Third Circuit. Prior to forming the firm, Tom practiced at Gibbons P.C. in Newark, NJ. If you have any questions regarding this article, contact Tom here today.