Mississippi’s Trade Secrets Act
Mississippi has adopted a Uniform Trade Secrets Act. This is codified as in Mississippi Code Section 75-26-1.
- A “trade secret” covers information that: (i) Derives value from not being generally known and not being readily ascertainable by persons who can obtain economic value from its use, and(ii) Is the subject of efforts that are reasonable to maintain its secrecy.
- Under appropriate circumstances, actual or threatened misappropriation may be enjoined in court.
- Damages may be awarded for misappropriation. Damages can include both the actual loss and the unjust enrichment. In lieu of these damages, damages caused by misappropriation may be measured by imposition of liability for a reasonable royalty for the unauthorized disclosure or use.
- If willful and malicious misappropriation exists, the court may award exemplary damages.
- If claim of misappropriation is made in bad faith, or if the claim is resisted in bad faith, or if willful and malicious misappropriation exists, the court may award reasonable attorney’s fees to the prevailing party.
- In a trade secret matter, the court will preserve the secrecy of the trade by granting protective orders holding in-camera hearings, and sealing the records.