Real estate agents and companies across the country have been receiving letters threatening lawsuits for patent infringement without actually having done so, or realized that they have done so. It’s not a scam. It’s patent trolls.
A patent troll is a person or company who creates a strangely particular or vague patent. The party who creates the strange patent often never actually plans on using it; instead, they wait for other companies or people to use this “patent” and extort them by threatening to sue them for patent infringement. The company or person who uses this service or feature is now in hot water for infringement for a patent they did not even know existed.
The victim is then either forced to settle or fight to win the case.
The victim typically settles, even if there was no actual infringement, because it’s always the cheapest option. The troll gets money.
If the victim fights and loses, the troll gets money.
But what if the victim wins the case?
Currently in the US, patent trolls are not required to pay legal fees to the victim if they lose the case. However, next week, a bill will be voted on by Congress to change just that. In addition to being forced to pay the winning party’s legal fees, patent trolls will also be required to reveal the name of the person or company who will be directly gaining money from the lawsuit.
If this bill is passed, patent trolls may be discouraged from suing companies for fear of losing money.
What can you do to help? Sign this petition. Re-blog this post. Show Congress that this bill is important to you and your company. Help stop patent trolls!
Click here to learn more about the Innovation Act.
Originally posted at: Lafayette Real Estate News
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