WASHINGTON — The following statement can be attributed to Mark Griffin, general counsel of Overstock.com:
“It’s time for Congress to pass comprehensive patent reform legislation that fairly protects intellectual property and American businesses from abusive patent trolls. Overstock.com has been sued by patent trolls more than 30 times and been forced to spend more than $11 million to defend ourselves against frivolous claims of infringement. We’re just one example of the damage trolls do, and are lucky to have the resources necessary to survive these constant lawsuits. But it is an expensive fight, and many companies cannot afford it.
“We are encouraged that the House Judiciary Committee is devoting much attention to this critical issue, and hopeful that Chairman Bob Goodlatte’s Innovation Act can provide a workable framework for patent reform this Congress. We need reform that assists defendants and customers who use technology products, encourages them to fight back and punishes patent trolls for filing frivolous claims and lawsuits. This includes more leeway in fee-shifting, restrictions on discovery and stronger pleading requirements.
“We need to redirect the billions of dollars patent trolls siphon from productive businesses and companies and invest it back into economic growth and job creation.”
To learn more about how patent trolls are harming businesses watch this video.