Saturday, July 04, 2015

Forbes pushes the "Innovation Act", again

A Forbes piece titled Congress Should Protect Intellectual Property Patent Rights is in fact a booster for Goodlatte's Innovation Act. Trial lawyers are implicated as boogeymen, and "loser pays" is the solution?

From within the Forbes piece:

While companies continue to innovate, there are those that claim fowl and arguable enable trial lawyers to hinder innovation, decreasing the availability of products and costing consumers billions of dollars.


Helping to end this Groundhog Day like cycle of “you sued me, so I will sue you” among competitors, Congressman Robert Goodlatte (R-VA), Chairman of the Judiciary Committee has introduced legislation titled “The Innovation Act” (H.R. 3302) to transition the U.S. to a “loser pays” system in a patent suit. One of the likely benefits would be to curb frivolous lawsuits.


At a time when the US economy remains firmly stuck in second gear with more Americans exiting the labor force than jobs being created, tax reform, a tax holiday that would enable countries to repatriate cash held overseas, revisiting regulatory mandates and reforming patent law to marginalize frivolous lawsuits that consume both time and dollars are some steps to get American moving in the right direction.


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