Lee International

Effective August 21, 2024, Korea has made substantial enhancement to its intellectual property (IP) protection framework through the implementation of revisions to the Patent Act and the Unfair Competition Prevention and Trade Secret Protection Act. These revisions are designed to strengthen deterrents against IP infringement and provide more effective legal recourse.  The key aspects of these revisions include:

· Enhanced Punitive Damages: In cases of willful patent infringement or trade secret misappropriation, courts now have the authority to award punitive damages up to five times the actual damages. This substantial increase in penalties aims to strongly deter potential infringers and ensure greater compensation to IP right holders.

·  Strengthened Corporate Liability: Corporations may now be penalized with fines up to three times the amount imposed on individual employees who engage in unfair competition or trade secret misappropriation. This provision increases corporate accountability for employee misconduct.

·  Extended Statute of Limitations: Businesses now have up to 10 years to file claims for trade secret misappropriation, aligning with the statute of limitations for individuals. This adjustment offers companies a broader window to pursue legal recourse against infringers.

We anticipate that these revisions will significantly contribute to strengthening Korea’s intellectual property ecosystem.