This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Overstock.com Agrees Now Is The Time For Patent Troll Litigation Reform













SALT LAKE CITY, July 18, 2013 /PRNewswire/ -- Overstock.com, Inc. (NASDAQ: OSTK) today joined a broad-based, cross section of industry associations in calling for immediate patent litigation reforms to halt the national scourge of "patent troll" lawsuits.

(Logo: http://photos.prnewswire.com/prnh/20120110/LA33954LOGO)

"Annually these suits, masquerading as legitimate patent infringement cases, siphon billions into the pockets of clever shell companies set up to assert frivolous lawsuits in the hopes that targeted companies will pay off the trolls rather than pay the costs to fight," said Jonathan Johnson, executive vice chairman and former general counsel of Overstock.com.  "These lawyer-driven troll entities do not contribute to the economy and have too long exploited the legal system. It is time for change," Johnson said.

Yesterday, 50 trade associations, representing thousands of companies throughout the United States, sent a letter to the Congressional leadership of both houses, calling for reform.  The letter noted that over $29 billion are lost annually to patent troll suits.  The letter also stated that President Obama has now joined the fight, urging a legislative fix.  In recent months, members of both political parties have sponsored measures aimed at curbing these suits.

"We have long been a public voice in support of patent troll suit reform," said Patrick Byrne, chairman and CEO of Overstock.com.  "We've earned a well-deserved reputation of fighting these spurious actions from patent troll squeegee boys.  We'll fight through to jury verdicts that find non-infringement and invalidate patents rather than pay off these bullies." 

In a recent case upheld on appeal, Overstock.com, and likeminded e-tailer NewEgg, litigated and won a verdict against French-based Alcatel-Lucent over three patents Alcatel wrongly asserted against the two companies.  The jury verdict found no infringement and invalidated a key communications patent Alcatel-Lucent had successfully asserted against many internet companies, routinely extracting settlements where the costs of a legal defense seemed too steep for these companies to bear.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,059.18 -11.22 -0.06%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs