WASHINGTON (3/29/16)--Patent troll legislation continues to be a hot topic in several states, as bills were recently enacted in Arizona (H. 2386), Florida (H. 1181) and Wyoming (S. 65).
Patent trolls are known for sending vague letters with meritless infringement claims to businesses, including credit unions, in hopes of extorting a settlement to avoid the nuisance of a lawsuit.
The new laws empower state attorneys general to investigate patent trolls, bring lawsuits against them, and give businesses that were targeted by patent trolls the right to sue for damages, costs, and attorneys’ fees.
Legislation is pending in Illinois, Kentucky, Massachusetts, Minnesota, New Jersey, Rhode Island, South Carolina and Washington.
At the federal level, the Credit Union National Association has asserted that patent reform legislation should include greater specifics in demand letters, and an extension of the covered business method that allows for a post-grant review of patents.