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Patent Trolls Beware: The Innovation Act is Here
Digital Liberty and Americans for Tax Reform welcome the introduction of House Judiciary Chairman Bob Goodlatte's (R-Va.) Innovation Act. The bill, introduced today, addresses the rising number of abusive patent lawsuits that have stifled inovation and cost the American economy $80 billion per year.
The Innovation Act raises standards for initial pleadings from patent holders, who would need to explain what patent is being infringed upon and how that infringement is occurring. Another very important aspect of this legislation is fee shifting, which requires the loser to pay the victor's legal fees.
The following statement can be attributed to Katie McAuliffe, Executive Director of Digital Liberty & Federal Affairs Manager at Americans for Tax Reform:
"We would like to commend Chairman Goodlatte for his excellent work in moving patent reform one step closer to completion. His legislation released today includes aspects vital to curbing the economically detrimental practices of patent trolls. Overall his legislation strikes an appropriate balance that will dramatically curb the troll problem, while still maintaing the value of American intellectual property.
"In a knowledge-based economy it is important to protect Americans' Intellectual Property. Patents are an important tool for encouraging and stimulating innovation, while also ensuring that inventors are compensated for their work. Unfortunately, the system has been abused by non-practicing entities, entities who own patents but do not create anything with the patent. While litigation is a legitimate course to protect patent ownership rights, the abusive nature that has permeated recent patent cases has necessitated balanced action from Congress."