We are proud to release Sound Business Insights Podcast Episode 25 – Unfair Business Practice Overview. The discussion begins with Dan Watkins summarizing the types of cases which might fall under the umbrella of an unfair business practice. Dan quips “A better question is what would not be an unfair business practice!” It seems every business lawsuit we defend and many we initiate include allegations of unfair business practices. Examples of an unfair business practice is attempting to gain an unfair advantage, violating someone’s rights, theft, embezzlement, fraud, misuse of power, treating individuals in the same class of shareholders differently, self-dealing, and misappropriation of trade secrets.
The discussion in Sound Business Insights Podcast Episode 25 – Unfair Business Practice Overview makes a somewhat surprising turn: employees have a duty to their employers and can commit unfair business practices against their own employer. Trade secrets, for example, can include a customer list. So if an employee takes your customer list and goes to a competitor (or starts their own company to compete directly) and uses your customer list it is an unfair business practice as well as misappropriation of trade secrets. Dan Watkins often says “beware of small disputes; small disputes often become BIG disputes with substantial financial consequences.” This is due to the ability to seek attorneys fees as part of a business dispute which includes some elements of unfair business practices. Dan notes that attorneys fees clauses are invitations to lawyers to sue. Unfair business practice lawsuits may qualify for punitive damages up to treble the damages.
The conversation in Sound Business Insights Podcast Episode 25 – Unfair Business Practice Overview concludes with a discussion about the way these cases are generally resolved. The Watkins Firm negotiates a settlement in the majority of their business dispute cases. If you include mediation, that number is closer to 95% of all business dispute cases never reach arbitration or a trial. Dan goes on to share a few stories about general circumstances surrounding real life cases our firm has been involved in with the names, facts and locations changed to “protect the innocent.” Episode 25 – Unfair Business Practice Overview is a fascinating look at many of things which can and do go wrong in business, and one of the biggest buckets of issues raised in many business lawsuits: unfair business practices.
We invite you to listen to our new podcast Episode 25 – Unfair Business Practice Overview, review the strong recommendations of our clients and contact the Watkins Firm or call 858-535-1511 for a complimentary consultation today.
