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An undervalued asset lies in the information your business holds: trade secrets. Michigan trade secrets, and properly protecting those secrets, can add substantial value and protection to your business.
Similar to many other states, Michigan has adopted the Uniform Trade Secrets Act (MUTSA), MCL 445.1901 et seq. This act is intended to encourage innovation by protecting the value of new methods or discoveries in a certain business. At the same time, it punishes those who try to gain an advantage by unfair means.
MCL 445.1902(d) defines a trade secret as the following:
information, including a formula, pattern, compilation, program, device, method, technique, or process, that is both of the following:
- Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use.
- Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.
Trade secret claims, in general, do not preempt other potential remedies. And many times misappropriation of trade secret claims are brought with other claims, including a breach of fiduciary duty, breach of contractual agreements (including confidentiality agreements), fraud, unjust enrichment, and other equitable claims.
One of the most litigated topics is whether the information itself constitutes a trade secret in the first place. For a more detailed discussion of what does, and does not, constitute a trade secret, click here.
If you are concerned with potential or ongoing misappropriation of trade secrets, contact Revision Legal’s trade secret attorneys today. Simply complete the contact form on this page or call the number above and our attorneys will contact you ASAP.
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