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Senate unanimously passes Trade Secrets bill

Anybody who follows politics knows that Democrats and Republicans in Congress rarely agree on anything. So the fact that a bill boosting Intellectual Property rights unanimously passed the Senate recently shows how important the bill is.

The bill would allow corporations to move cases involving alleged theft of Trade Secrets from state to federal court, according to Bloomberg. Depending on the circumstances of the case, and the state where one of the parties is headquartered, shifting the case to the federal level may do a lot to beef up a business’ claim.

The Senate passed the bill 87-0 on April 4. It was sponsored by Republican Sen. Orrin Hatch and his Democratic colleague Chris Coons, further evidence that allowing companies to change the venue where their trade secrets case is held is a common sense change in the law.

It seems likely that the bill will easily pass the House as well. The House version of the bill has 128 co-sponsors. However, it is currently awaiting action in the House Judiciary Committee.

Infringement of American companies’ Trade Secrets is badly damaging to the economy. A Senate report estimates that theft of Trade Secrets costs U.S. businesses up to $480 billion per year. “This Trade Secret theft can have a devastating long-term impact,” Coons said. He called the current system of protecting Trade Secrets too cumbersome, especially when the other company is in another country.

A Florida business must protect its Intellectual Property to survive. A knowledgeable IP attorney can be invaluable in this effort.

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