Minnesota trade secrets

What is a Trade Secret? Under the Act, a trade secret means information, including a formula, pattern, compilation, program, device, method, technique, or process, that: (i) 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, and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. A trade secret may be a formula, drawing, schematic, blueprint, specialized process, manufacturing technique, customer list, quality assurance criteria, profit margin, pricing information, etc. The key is whether the alleged trade secret derives value from being kept secret and whether the holder of the trade secret has taken reasonable steps to protect the secrecy of the information in question. According to the Act, the existence of a trade secret is not negated merely because an employee or other person has acquired the trade secret without express or specific notice that it is a trade secret if, under all the circumstances, the employee or other person knows or has reason to know that the owner intends or expects the secrecy of the type of information comprising the trade secret to be maintained. How Are Minnesota Trade Secrets Protected Under the Minnesota Uniform Trade Secrets Act? Under the Minnesota Uniform Trade Secrets Act, persons (including corporations or other legal entities) are prohibited from misappropriating trade secrets that belong to another. In simple terms, misappropriation means the improper acquisition, disclosure, or use of a trade secret. In a typical scenario, an employer will allege that one of its former employees has violated the Minnesota Uniform Trade Secrets Act by improperly copying, taking, and/or sharing its trade secrets with the employees new employer, which is typically a competitor. The employer will often allege that the employees new employer is also violating the Act by using ...Read More