Many Michigan businesses hold trade secrets. Trade secrets can have great value to a business. For some companies, the trade secrets they hold play a major role in their business operations. Consequently, companies often put quite a bit of effort and energy into keeping their trade secrets protected.
Thus, it can be a remarkably troubling thing for a company when one of their trade secrets is misappropriated. A business that has been the victim of a trade secret misappropriation may be worried about the damage the misappropriation could cause to it and the unjust benefits the misappropriation could yield to a competitor.
Thankfully, there are legal remedies that companies here in Michigan can pursue in response to a trade secret misappropriation. We will now go over a couple of these remedies.
One remedy is a damage award. A trade secret misappropriation can cause economic losses to the business it is committed against. Damages for actual losses suffered are among the damages that can be awarded in misappropriation cases. Damages for unjust enrichment the misappropriating party received from the misappropriation can also be awarded.
Another remedy is an injunction against the misappropriating party. For example, one type of injunction that can sometimes be issued in a trade secret misappropriation case is an injunction which prevents the misappropriating party from using the misappropriated trade secret.
Thus, there are various different types of remedies a business that has been the victim of a trade secret misappropriation could request in a lawsuit against the misappropriating party. Business litigation attorneys can help trade secret misappropriation victims determine if bringing a lawsuit is the right move for them, and can help them with deciding what sort of remedies to ask for if they do decide to file a lawsuit.