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Nasir and Mattenter Groundhog's Day by discussing the importance of trade secrets and how to best protect your intellectual property. Full Podcast Transcript NASIR: Welcome to our podcast where we cover business legal news. And my name is Nasir Pasha. MATT: And I’m Matt Staub. NASIR: What are we doing today? A podcast again? Another episode? MATT: Yeah, we can something different if you want. NASIR: No, that’s fine. That’s cool. Podcast is cool. MATT: A lot of people think today should be a national holiday but it hasn’t really gained too much traction. NASIR: Because of Groundhog Day? Is that February 2nd? MATT: Is it Groundhog’s Day? Oh, maybe it is. Oh, no, I was thinking the day after the Superbowl. NASIR: I was thinking, yeah, February 2nd is Groundhog Day, I believe. MATT: Is it? NASIR: I recall. MATT: Oh. NASIR: Oh, yeah, you’re saying because of the Superbowl. MATT: Well, this is the day after. So, this is the day that everyone thinks should be a national holiday. I never really understood that because I don’t see how it’s different. It’s just one football game and, on a lot of Sundays, I mean, I guess it’s the biggest game of the year but, still, it’s one game. All you have to do is watch it and then that’s it. NASIR: I was hoping maybe Groundhog Day would be a national holiday. So, that may be technically it would be the case, but it doesn’t look like it’s a… I don’t know what the definition is – at least banks aren’t closed, I don’t believe. MATT: So, wait, is today Groundhog’s Day? NASIR: Yeah, February 2nd. MATT: Okay. We should just do the intro, like, ten times in a row and have that be the episode. Just loop it. NASIR: I love that movie. It’s a great, great cult classic. I guess it would be a cult classic because I don’t think it was like, when it came out in the theatre, it wasn’t that great of a movie or it didn’t do that well. MATT: Yeah, I mean, you’ve got a big star in his prime. NASIR: True. MATT: But there was a lot of movies. It was a weird time for movies where you could get a lot of big names and they might not translate into big movies. I don’t know. Like, today, if Will Smith opens a movie, it’s just like a blockbuster no matter what it is. NASIR: Automatic. MATT: Well, you know, I have a secret for you and I don’t know how to protect it. It’s a trade secret, actually. NASIR: Nice. MATT: Bad intro but that’s what we’re going to talk about today – protecting your trade secrets – and I think we’ve talked about this before to some extent, haven’t we? NASIR: Yeah, definitely. It seems to come up quite a bit. MATT: The reason – I mean, well, there’s a few reasons – why we’re talking about it today but there was a recent case. We might have actually talked about this business before, too. So, it’s nClosures, and that’s obviously a lower case “n” with a capital “C” as most people would think. Well, anyways, I’m not going to bore people with the details too much of the case but, essentially, it came down to there was a breach of their, or at least nClosures believed there was a breach, of their proprietary information and it was kind of tied into their trade secrets that they have and they had this other company who is part of the lawsuit. They had a confidentiality agreement with them but the court actually determined that nClosures did not take reasonable steps to protect its information and, thus, it kind of left its trade secrets out there in the open and its confidentiality agreement was not enforceable as a result of that. nClosures did not require other employees or engineers to sign additional agreements, and this is with the other party that’s part of the lawsuit. So, basically, what it’s saying is it didn’t take the right steps to protect its trade secrets as it should have. And, even though it had this confidentiality agreement, we haven’t seen what that actually says so who knows how good or bad it was. But, despite this confidentiality agreement,