Monday, October 17, 2011, 10/17/2011 08:47:00 AM

Senator Coons's Comments on Proposed Federal Private Right of Action for Trade Secrets Theft

From Intellectual Property Brief, a blog at Washington College of Law at American University, another story about a proposed amendment to the Currency Exchange Rate Oversight Reform Act which would create a private right of action in federal court for certain trade secrets cases.

Sens. Coons (D-DE) and Kohl (D-WI) are proposing a bill that would allow the suits in cases claiming trade secrets theft by foreign governments and companies.

Sen. Coons stated:

If our goal is to protect American jobs by leveling the playing field with countries like China, then we must take steps to protect American intellectual property from theft and counterfeit. When foreign companies and governments steal our ideas, they’re stealing more than just formulas and schematics — they’re stealing jobs. These amendments are rooted in specific concerns I have heard repeatedly from manufacturers in Delaware who operate in a constant state of fear that their innovations are going to be stolen and sold by a foreign company. Theft of intellectual property and trade secrets have had devastating impacts on American companies, and these amendments would help give our nation the tools to fight back.

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