Goodlatte bill targets ‘patent troll’ activity
Oct. 24, 2013 – A patent reform bill that targets abusive “patent troll” practices by entities that purchase patents in order to profit from litigation was introduced Wednesday by House Judiciary Committee Chairman Bob Goodlatte, R-Va.
In a press conference, Goodlatte said the bipartisan "Innovation Act" (H.R. 3309) “strikes the right balance, pushing for robust legal reform measures while protecting property rights.”
Goodlatte’s legislation eliminates a sunset provision in the Leahy-Smith America Invents Act that would cause its business method patent review program to expire. The legislation also clarifies the definition of a “covered business method patent” to specifically include the words “practice, administration, or management of a financial product or service.”
He described patent reform as a bipartisan issue and said his bill has support from the Obama administration and Senate Judiciary Chairman Patrick Leahy, D-Vt.
NAFCU supports patent reform which addresses the problems credit unions face involving baseless litigation associated with low-quality patents. In September, NAFCU joined with other trade associations in sending a message of support for legislation offered by Sen. Chuck Schumer, D-N.Y., to further a post-grant review process for business method patents.
NAFCU backs Schumer on patent review