Almost any size enterprise engaged in any type of business has what may qualify as trade secrets that are worthy of protection. A trade secret may be as mundane as a customer list or a certain in-house manufacturing process, but it is something that has value to that specific business. Texas has adopted the Uniform Trade Secrets Act guidelines to protect this form of intellectual property.
Since the Defend Trade Secrets Act became law in 2016, companies in Texas have been able to take other parties to federal court when they detect misuse or theft of their trade secrets. Before the DTSA, trade secrets litigation went through state courts.
Texans who own intellectual property might be interested in learning about a settlement that was reached by two biotech firms in litigation involving allegations of the misappropriation of trade secrets and engaging in unfair business practices. The settlement resolves a lawsuit that was filed by Alnylam Pharmaceuticals Inc. against Dicerna Pharmaceuticals Inc. and a countersuit that was filed by Dicerna.
"Hollywood accounting" led to Bill Nye being underpaid by at least $9,350,565, according to a lawsuit against Disney and a number of affiliated companies. Nye, the star of the extremely popular "Science Guy" television series in the 1990s, accuses Disney of using a variety of mischaracterizations, false charges and shady accounting practices to avoid paying him and the show's other owners their fair share of the profits.
Wells Fargo Insurance Services USA, Inc., or WFIS, is suing Alliant Insurance Services, Inc., a company that submitted a failed bid to buy the Wells Fargo unit. WFIS claims that Alliant gained insider knowledge while bidding to buy the unit and is using it in an "aggressive campaign" to poach top sales executives for its own benefit -- and much to the detriment of WFIS.
Every time we turn on the TV, visit a website, or open a newspaper, we are bombarded with advertisements. This environment of ubiquitous advertising forces companies to develop ads that attract attention and cause their products to stand out. However, these efforts must not run afoul of the law.
Intentionally interfering with relationships and/or contracts and causing someone to suffer economic damages is referred to as tortious interference. This misconduct is often seen in the business world and typically sparks a dispute between companies and clients; sellers and buyers; or employers and employees.
As a Houston entrepreneur, you know that protecting your intellectual property is of the utmost concern. Failure to do so could lead to those vital concepts closely tied to your business being used by direct competitors. To this end, enacting trademark protection is crucial to ensure intellectual property theft does not ruin your chance of success. But what is involved in the trademark process?
You value the hard work your employees put in, which is why you reimburse them for travel and other business-related expenses. However, Houston business owners must be wary of expense fraud, which can occur when employees take advantage of employers who are only trying to do right by them. Expense fraud can affect virtually every business, and over time costs can add up, thereby hampering future success.
Certain types of proprietary information are invaluable to business owners in Texas. Accordingly, you want to guarantee that your company’s prized trade secrets remain confidential and do not fall into the hands of similar enterprises. Failure to do so can result in your business losing its footing among competitors, which will greatly limit your chance of success.