News and developments
Amendments to Protect IP Rights Holders Under the Trade Secret Protection Act and Patent Act
and together with the Amended Patent Act, the “Amendments”) that (i) increase punitive damages available for willful infringement of patents, trade secrets and certain unfair competition acts up to five times the actual damages, and also (ii) strengthen criminal sanctions for trade secret infringement. The Amendments were promulgated on February 20, 2024 and will take effect on August 21, 2024.
While criminal penalties and damage awards for the infringement of technology-related rights, such as patents and trade secrets, have steadily increased in recent years, they remain relatively low compared to many other countries. Moreover, rights owners often face challenges in obtaining significant relief even after successfully pursuing litigation against infringement. The Amendments have been introduced in response to such criticism.
The key provisions of the Amendments are as follows:
- Enhanced Punitive Damages for Intentional Infringement
- Enhanced Criminal Penalties for Trade Secret Infringement
- New Mechanism for Corrective Orders by KIPO to Improve Operational Processes