Protecting a company’s confidential information can be vital to the future viability of a business as it aims to maintain fair competition in the marketplace.
Exactly what constitutes a violation of trade secret agreements or the theft of trade secrets can at times be difficult for parties to agree on, sometimes resulting in legal action to settle a matter.
New UK business launched in digital freight market
A new business based in the United Kingdom was started by two executives who previously worked together at a company in the United States. Both of the owners had been employed by Uber and one of the men held a position on the Board of Directors for Vanguard Logistics Services, a shipping and logistics company. Vanguard’s operations are based in California.
The new UK-based company focuses on digital freight forwarding and raised its initial capital via a Series A fundraising round held early in the summer of 2020.
Owner accused of trade secret theft
As explained in a report by Forbes, the U.S.-based Vanguard company has accused its former board member of stealing critical trade secrets with the intent of using those secrets to help launch the new company in the United Kingdom.
A statement released by a company representative for the new U.K.-based organization denies any wrongdoing on the part of its co-founder. No details have been provided about what damages or restitution may be sought by the plaintiffs in the matter. Also unknown at this time is the timeline for any potential court appearances or other key steps in the matter.