Obama Signs Trade Secrets Bill Into Law
President Barack Obama on May 11 signed into law S. 1890, the Defend Trade Secrets Act of 2016, the White House said (here). The legislation creates a private civil cause of action for misappropriation of trade secrets related to products…
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or services in foreign or interstate commerce (see 1605020012). “Unfortunately, all too often, some of our competitors, instead of competing with us fairly, are trying to steal these trade secrets from American companies,” Obama said in remarks delivered in the Oval Office (here). “And that means a loss of American jobs, a loss of American markets, a loss of American leadership. What…members of Congress have done is to, on a bipartisan basis, pass a strong enforcement bill that allows us not only to go after folks who are stealing trade secrets through criminal actions, but also through civil actions, and hurt them where it counts: In their pocketbook.”