A group of influential U.S. senators introduced new bipartisan patent reform legislation Wednesday aimed at reining in so-called patent trolls, a move that signals the patent reform debate stalled in Congress last year is now likely to move quickly.
The Senate bill, the Protecting American Talent and Entrepreneurship (PATENT) Act, is intended to thwart abusive tactics used by nonpracticing entities that acquire and assert patents in order to get licensing fees from businesses that agree to pay simply to avoid the high cost of litigation. It is supported by Sens. Chuck Grassley, R-Iowa, chairman of the House Judiciary Committee, Patrick Leahy, D-Vt., John Cornyn, R-Texas, Chuck Schumer, D-N.Y., Mike Lee, R-Utah, Amy Klobuchar, D-Minn., and Orrin Hatch, R-Utah.
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