Friday, December 6, 2013

House Passes Patent Troll Bill

The House of Representatives passed bipartisan legislation that would restrain patent trolls. The bill (H.R. 3309) was supported by banks and credit unions.

Patent trolls are non-practicing entities that bring abusive patent litigation against banks and other businesses.

The bill, which passed by a 325-91 vote, would allow the Patent and Trademark Office to waive the costly fee for a review of the validity of an underlying patent. This provision would help small firms targeted with abusive letters demanding payment for the supposedly infringing patents.

The bill also included an amendment by Rep. Jared Polis (D-Colo.) that would require patent holders to disclose more information about the corporate identity and parent entities in a demand letter. This amendment was supported by bank and credit union trade groups.

On December 4th, ABA, ICBA and CUNA wrote Speaker Boehner and Minority Leader Pelosi in support of the bill. Read the letter.

The bill now moves to the Senate.
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