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Against Monopoly

defending the right to innovate

Monopoly corrupts. Absolute monopoly corrupts absolutely.





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Congress moves to exempt banks from patent suits

Congress doesn't usually intervene in individual patent cases, but here it has taken the first steps to do so link here. Thereby, big banks would get immunity against a patent lawsuit potentially worth billions in costs to them. The object of their attentions is a Texas patent troll, Data Treasury, which is demanding damages "for infringing on its method of digitally scanning, sending, and archiving checks."

There are several issues here. One is whether the patent is valid as the Patent Office has found--it isn't, if the invention is obvious, as seems likely to this reader. Another is, assuming that the patent is valid and that patents have any real value in promoting innovation, whether the inventor hasn't been cheated. But now, in addition to lawyering up, the troll has had to lobby up. Guess who pays.


Comments

The proposal is another non-solution that simply protects a special interest group and neglects the public as a whole. The "real" solution is to change the patent law so that this extortion would not be possible. So much for politicians making the "hard decisions".
repeal the patent troll madness now you moronic united stated political idiots. now you morons. repeal it bonkers idiots.

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