The Explosive Value of Trade Secrets in 2024
Written by Ben Esplin
The Explosive Value of Trade Secrets in 2024
Typically, when “IP” is discussed, folks are referring to trademarks, patents, or copyrights. But in 2024, a series of blockbuster court cases has spotlighted another, often-overlooked form of intellectual property: trade secrets. These confidential formulas, algorithms, customer lists, and business strategies can be worth hundreds of millions—or even billions—of dollars. The following recent cases show just how high the stakes can be when trade secrets are at risk.
Propel Fuels v. Phillips 66: $604.9 Million Verdict
In the largest trade secret verdict of the year, Propel Fuels, a California-based clean energy company, accused oil giant Phillips 66 of stealing proprietary algorithms and confidential business information after a failed acquisition. The jury found Phillips 66 liable for willful misappropriation of 77 trade secrets, awarding Propel a staggering $604.9 million in unjust enrichment damages. This case demonstrates that trade secrets—especially those involving cutting-edge technology—can be among a company’s most valuable assets.
Insulet Corp. v. EOFlow: $452 Million Award
Insulet, the maker of the OmniPod insulin pump, secured a $452 million victory against EOFlow and former employees who allegedly used Insulet’s confidential information to develop a competing product. The jury awarded $170 million in profits and $282 million in punitive damages, setting a new record under the federal Defend Trade Secrets Act (DTSA). The case underscores how employee mobility can put critical trade secrets at risk and how courts are willing to impose massive penalties for misappropriation.
Motorola Solutions v. Hytera: $407.4 Million Judgment
Motorola Solutions accused Chinese rival Hytera of orchestrating a “large and blatant theft” of radio technology secrets. After a lengthy battle, the court affirmed a $407.4 million award—$135.8 million in compensatory damages and $271.6 million in punitive damages. This case, which involved both U.S. and international actors, highlights the global dimensions of trade secret theft and the willingness of U.S. courts to protect domestic innovators.
Syntel v. TriZetto: Over $300 Million After Reductions
TriZetto, a healthcare software company, won a substantial verdict against Syntel for misappropriation of software trade secrets. While the original $855 million award was reduced on appeal, the current judgment still exceeds $300 million, including punitive damages and attorney fees. This case illustrates the enduring value of software and process know-how in the digital age.
Qorvo v. Akoustis: $38 Million and a Permanent Injunction
While not as headline-grabbing as the others, Qorvo’s $38 million win against Akoustis for theft of radio frequency technology secrets, plus a permanent injunction, shows that even “smaller” trade secret cases can have significant financial and strategic consequences.
Why Trade Secrets Matter More Than Ever
These cases make one thing clear: trade secrets are not just legal abstractions—they are real, valuable business assets. In a world where innovation moves fast and competition is fierce, protecting confidential information can mean the difference between industry leadership and financial disaster.
If your company relies on proprietary technology, business strategies, or customer data, now is the time to take trade secret protection seriously. As these 2024 verdicts show, the value of what you know—and how well you guard it—could be worth hundreds of millions.