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CEA Commends the House IP Subcommittee for Taking on Patent Trolls

Arlington, VA – March 25, 2015 – 
Swift action needed to shut down patent abuse industry
 
Today’s Subcommittee on Courts, Intellectual Property and the Internet hearing on “Patent Reform: Protecting America’s Innovators and Job Creators from Abusive Patent Litigation” presented an urgent and powerful case for fixing our broken patent system. One entrepreneur, TMSOFT CEO and Consumer Electronics Association (CEA) ® member Todd Moore, described how a patent troll almost ruined his business with a frivolous lawsuit.
 
“The patent troll business is low risk and high reward. The trolls are destroying small businesses while offering society absolutely no benefit,” said Moore, CEO of TMSOFT.  
 
Moore went on to dismiss the patent troll lobby’s claim that reform would hurt small businesses, stating, “This is nonsense. What harms me is that litigation opportunists are exploiting the patent system. The only way to protect real inventors is for Congress to reform the patent system so it works as intended.”
 
Gary Shapiro, president and CEO of CEA, reaffirmed his support for patent reform and the Innovation Act saying, “One reason people innovate in America is because we have taken such a strong stand in fighting bribery and extortion. Yet extortion is exactly what businesses across the county face from patent trolls. These trolls use threats of lawsuits to demand money from job-creating small businesses – an abuse of our patent system that costs our economy $80 billion a year, and prevents our innovators from hiring workers and developing new products. Our nation is better than this – we can’t simply allow patent abusers to cripple job creators with their legal extortion racket.
               
"Some say comprehensive reform isn't needed and will weaken the patent system. The truth is, trolls are harming small and large businesses across our nation, handcuffing innovation through extortion. The only ones who claim reform isn't needed are those who benefit from the current unbalanced system. I commend Chairman Goodlatte, Chairman Issa, Ranking Member Nadler and the members of the Subcommittee who support this overdue and common-sense reform. I urge that it be brought to the House floor and passed as soon as possible."

About the Consumer Technology Assocation

The Consumer Electronics Association (CEA) is the technology trade association representing the $223 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative and regulatory advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces the International CES – The Global Stage for Innovation. All profits from CES are reinvested into CEA’s industry services. Find CEA online at CE.org, DeclareInnovation.com and through social media.

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