What Counts as a Trade Secret in Florida?

Both parts of the definition matter. The economic value may be actual or potential, and it must come from the information not being generally known to, or readily ascertainable by proper means by, others who could obtain value from its disclosure or use.

Misappropriation is the wrong the act addresses. It includes acquiring a trade secret by a person who knows or has reason to know it was acquired by improper means, and disclosing or using it without consent in listed situations, such as when the person knew or had reason to know the knowledge was acquired under a duty to keep it secret. Improper means include theft, bribery, misrepresentation, breach or inducement of a breach of a duty to maintain secrecy, and espionage.

Remedies include an injunction against actual or threatened misappropriation, and damages for actual loss and unjust enrichment or, instead, a reasonable royalty. For willful and malicious misappropriation, the court may award exemplary damages up to twice the damages award. The court may award attorney's fees to the prevailing party for a claim or motion made in bad faith or for willful and malicious misappropriation.

An action must be brought within 3 years after the misappropriation is discovered or should have been discovered with reasonable diligence, and a continuing misappropriation is a single claim. The act displaces conflicting Florida civil remedies for misappropriation, but not contract or criminal remedies. Restrictive covenants that protect trade secrets are covered in noncompete enforceability in Florida.