Since 1975, the ratio of intangible assets (ideas, copyright, intellectual property, etc.) to tangible assets (physical property) in the S&P 500 market value has increased dramatically. In 1975, intangible assets made up just 17% of the market value and have done nothing but increase, reaching 87% in 2015.
As of May 22, 2016, a new federal trade secrets law known as the Defend Trade Secrets Act (DTSA) went into effect and Illinois employers need to be prepared.
Although it’s a federal law that places higher restrictions on protecting intellectual property, it does not block state or local laws, such as the Illinois Trade Secrets Act (ITSA). That means an Illinois employer can file a federal DTSA lawsuit and a simultaneous ITSA lawsuit, which means, even if the federal lawsuit doesn’t go their way, they may still be able to collect damages and/or awards under the ITSA.
Alternatively, businesses can sue under the ITSA if the statue of limitations under the DTSA has expired. Under the DTSA, a lawsuit must be filed within three years of the discovery of the transgression, but the ITSA allows up to five years. Continue reading