Page 78 - Akerman | 2016 Guide to Doing Business in Florida

7.2.5 State of Florida Uniform Trade Secrets Act

The State of Florida Uniform Trade Secrets Act, Chapter 688, et al., makes unlawful actual or
threatened misappropriations of trade secrets. A trade secret is defined as information,
including a formula, pattern, compilation, program, device, method, technique, or process that
derives independent economic value, actual or potential, from not being generally known to or
accessible by other persons who can obtain economic value from its disclosure or use and is
information that is the subject of efforts to maintain its secrecy. An action for misappropriation
of trade secrets must be brought within three years after the misappropriation is discovered or,
by exercise of reasonable diligence, should have been discovered. A complainant may recover
damages for actual loss and unjust enrichment caused by the misappropriation that is not
accounted for in the actual loss analysis. Attorney’s fees are available if a claim of
misappropriation is made in bad faith, a motion to terminate an injunction is made in bad faith,
or willful and malicious misappropriation exists.

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