Upon entering a business arrangement with another entity, companies in Florida and elsewhere may allow their new partners access to sensitive information. Should the arrangement come to an end, a company may wish to ensure its trade secrets are protected from unwarranted use. Xavien Holdings and Insurance has filed a lawsuit against Boeing accusing the aircraft developer of theft of trade secrets.
According to reports, the import and export bank Xavien claims the incident began when it invested a substantial sum of money into developing an insurance-based guarantee for commercial aircraft financing. Soon thereafter, the company entered into a business arrangement with Boeing, and asserts that aircraft maker agreed to sign a proprietary trade secrets agreement in the process. However, once the arrangement came to a close, Xavien asserts that Boeing continued to use sensitive information without approval.
The company claims that Boeing and its subsidiaries stole trade secrets and used them to form its own aircraft insurance company. Xavien has also accused the other party of failing to pay royalties. Xavien has filed a lawsuit against Boeing and is seeking to recover and unspecified amount in damages and restitution.
Should a company feel as though a former business partner is continuing to make use of valuable trade secrets, it may wish to take measures to protect sensitive company information. Those who encounter a possible theft of trade secrets could benefit from speaking with an attorney for guidance on their available legal avenues. An attorney in Florida can evaluate the situation thoroughly and assist a client in pursuing the full amount of compensation to which he or she is entitled to receive.