Bipartisan patent reform legislation was introduced this week by Senate Judiciary Committee Chairman Chuck E. Grassley, R-Iowa, and Ranking Member Patrick J. Leahy, D-Vermont.
April 30, 2015
Bipartisan patent reform legislation was introduced this week by Senate Judiciary Committee Chairman Chuck E. Grassley, R-Iowa, and ranking member Patrick J. Leahy, D-Vermont, that seeks to protect retailers and other businesses from overly litigious patent trolls, the National Retail Federation said in a release.
"Retailers are victimized by patent trolls' abusive practices more often than any other businesses," NRF Senior Vice President for Government Relations David French said in a letter to the sponsors. "Patent trolls divert vital resources from retailers that they could otherwise use to invest and grow their business, further innovation and create jobs."
The legislation seeks to balance the rights of inventors and patent holders with heightened protections for businesses, large and small, who are targeted by abusive and deceptive patent trolls. The measure was co-sponsored by Senators John Cornyn III, R-Texas; Charles E. Schumer, D-New York; Orrin G. Hatch, R-Utah; Mike S. Lee, R-Utah, and Amy Klobuchar, D-Minnesota.
"The business community supports comprehensive patent reform legislation that ends the patent trolls' multibillion-dollar extortion scheme," French said. "Legislation must force patent trolls out of the shadows and into the light. Robust protections and transparency requirements are necessary for businesses to defend and protect themselves against patent trolls' deceptive practices."
Patent trolls are firms that buy patents for things they didn't invent, in order to extort companies that allegedly infringe on that patent. This results in costly litigation unless they pay a licensing fee or settlement. Patent trolls cost the economy about $30 billion a year, the NRF said.
