FSR Urges Senate To Strengthen Patent Troll Bill, Protect American Businesses, Consumers

FSR News:
WASHINGTON, D.C.  The Financial Services Roundtable, as part of a joint trade effort, sent a letter to the Senate Judiciary Committee leaders urging lawmakers to strengthen a pending bill that could help stop patent trolls from extorting exorbitant fees from American businesses and consumers.
The PATENT Act, S. 1137, is scheduled to be marked up by the committee today, but notable gaps still exist in the language that, if approved, will allow patent trolls to continue to use questionable patents to file frivolous lawsuits against financial services companies that cost businesses millions in litigation costs every year.
Specifically, the bill doesn’t currently extend the duration of the Covered Business Method Program (CBM), a program that provides a cost-effective alternative to litigation to review questions about business method patents, while continuing to protect innovation. 
“In the absence of CBM the only alternative for defendants in cases involving low-quality and otherwise invalid patents will be to license or incur the prohibitive cost of litigation,” the joint trades wrote in the letter, adding, “We appreciate your leadership in introducing S. 1137 and commend the Committee on inclusion of language aimed at addressing the problem of deceptively-worded, vague demand letters.”
The full letter can be found here.
FSR continues to advocate for lawmakers to pass strong patent reform legislation that will protect American businesses from entities that use deceptive demand letters and frivolous litigation based on questionable patents, the cost of which is ultimately borne by consumers.
For more information, contact Erika Reynoso at 202.589.2410 or at Erika.Reynoso@FSRoundtable.

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