[Aju News] [Legal Update] “Stop Technology Theft”… Quintuple Punitive Damages Allowed for Trade Secret Misappropriation

On February 13, 2024, Aju News shared in its news article Lee & Ko’s attorney Mr. Un Ho Kim’s remark on a recent update regarding the Act on the Prevention of Unfair Competition and Protection of Trade Secrets.  Mr. Kim explained that, with proposed amendments to the Act now passed at the Cabinet meeting, “businesses should be mindful that damages awarded in intellectual property cases could increase significantly and so is the possibility of criminal punishment, and should establish meticulous measures to prevent infringement of intellectual property rights.”  He further commented, “in the event of an intellectual property dispute, the right holder needs to actively utilize the relevant provisions in the Act.”