For California companies across many sectors, the need to protect their intellectual property can be of paramount importance in today’s competitive global marketplace. The disclosure of sensitive information to the wrong parties can provide advantages to competitors in illegal ways. It is essential that businesses track their patents, trademarks, copyrights and other secret information carefully so that they are able to support a claim of IP violation if such an event ever happens.
One biotech firm based in California has been embroiled in a battle with a Taiwanese company over alleged trade secret violations for some time now. A woman who had worked with the American business was terminated from her position in 2017, although it is not known for what reason she was fired. BioSpace reported that she is said to have provided three other people, including her husband, with access to trade secrets from the employer she had been fired by.
That information was allegedly shared with the company based in Taiwan. That business marketed its products in China primarily. The two companies have settled their dispute without pursuing the case all the way to a full trial.
The Taiwanese company will immediate stop production of any product based on the trade secrets. It will also destroy products already in existence that relate to four specific products made by the U.S. company. Further intelligence will be destroyed. The American company reserves the right to audit the foreign business at any time without any prior notice needing to be given.