This article, about the Economic Espionage Act and its impact on criminal trade secrets cases, quotes intellectual property partner Michael Spillner.
For organizations, the maximum fine would change to either $10 million or three times the value to the organization of the stolen trade secret. That provision takes into account that stolen trade secrets can let a competitor avoid the cost of developing a product or service itself, said Spillner.
"The old law didn't properly recognize that trade secrets have enormous value," he said. "That value in saved costs can be tens or hundreds of millions of dollars."
Spillner said while the new bills are a step in the right direction, legislation to create a private cause of action will face a tough fight.
"These bills address a loophole, which is easy for people to get behind," he said, while the civil cause of action "would be a major change that requires more thought and deliberation and momentum."