Virginia Uniform Trade Secrets Act; protection of trade secrets, penalties. (HB2064)

Introduced By

Del. Joe May (R-Leesburg)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Protection of trade secrets; penalties. Makes any person who knowingly and intentionally misappropriates a trade secret or uses a misappropriated trade secret guilty of a Class 1 misdemeanor and, upon a second or subsequent conviction, guilty of a Class 6 felony. The chapter is renamed the "Virginia Uniform Trade Secrets Act." A provision that currently authorizes the issuance of injunctions to stop an actual or threatened misappropriation of a trade secret is revised to require such a misappropriation to be enjoined in the absence of exceptional circumstances. A provision allowing an injunction to condition future use upon payment of a reasonable royalty in exceptional circumstances is deleted. The measure adds provisions regarding the Act's interaction with patent and copyright laws, including directives that (i) it shall be interpreted to be in harmony with federal patent and copyright laws; (ii) trade secrets shall have the attributes of private property; (iii) the scope and subject matter of a trade secret shall be interpreted to the fullest extent possible as not preempted by patent laws; (iv) subject matter that is not eligible or is eligible for patent that otherwise qualifies as a trade secret shall be accorded full trade secret rights; and (v) trade secrets shall not be held invalid or unenforceable for failure to disclose the trade secret in any patent or application for patent.  Finally, the measure deletes the provision that established a minimum award of $350,000 of punitive damages if a willful and malicious misappropriation exists. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/09/2013Committee
01/09/2013Prefiled and ordered printed; offered 01/09/13 13102836D
01/09/2013Referred to Committee on Commerce and Labor
01/10/2013Impact statement from VCSC (HB2064)
01/16/2013Impact statement from VCSC (HB2064)
01/24/2013Tabled in Commerce and Labor