Patent Holding Company Sues Nokia For $18 Billion
from the aim-high dept
And you thought NTP getting RIM to shell out $612.5 million was excessive? It seems that other patent holding companies are shooting much higher. About a year ago, we noted that some private equity firms were so thrilled with the outcome of various patent hoarding lawsuits that they were raising funds solely to buy up patents, stick them in shell companies, and sue businesses that actually made products. We're seeing more and more of those types of lawsuits, with the latest one being pretty impressive. Private equity firm Fortress Investment Group has backed a patent holding firm IP-Com, who is now suing Nokia for patent infringement to the tune of $17.77 billion (yes, billion with a b). At that rate, a mere $600 million seems like pocket change. Expect to see a few more of these types of lawsuits, as well. With so much money going into these patent hoarding firms, combined with fears that we may finally seem some legitimate patent reform (either via Congress or the Supreme Court), many patent holders may be scrambling to squeeze whatever they can as fast as they can -- and starting off with ridiculous numbers is one way to push for a faster settlement.
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I'm seeing a parallel... by Lawrence D'Oliveiro on Jan 31st, 2008 @ 8:07pm
...with the 1980s. Remember all the money-for-money's-sake practices, like asset-stripping, leveraged buyouts and so on? Until it all came tumbling down in the '87 crash. People learned to be a bit more sober after that.
I think patent-trolling needs to go through a similar bubble-and-crash pattern before people will realize how counter-productive it really is. I agree, the results may not be pretty, but hopefully the lessons will be long-lasting...
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by Cynic on Jan 31st, 2008 @ 8:09pm
Dr. Evil: we'll sue for 17.77 billion, and if that doesn't work we'll send the ill tempered sea bass after them!
It would be funny if it weren't so sad.
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screw nokia by angry dude on Jan 31st, 2008 @ 8:29pm
Nokia ? He-he-he
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Re: screw nokia by Anonymous Coward on Feb 1st, 2008 @ 12:54am
oh COME ON you aren't even TRYING now.
GTFO angry dude!
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Get In My Belley by Simon on Feb 1st, 2008 @ 1:34am
That's sad seing Fat Basterds trying to make money off of other peoples work. If I was in nokia's shoes I'd hire hit-men to take care of everyone involved in the lawsuit, and then get the lucky charms bandit to take care of their families... Maybe do something with their pets as well... :D
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just like the domain name squatters... by wolfger on Feb 1st, 2008 @ 1:38am
Patent squatters who don't produce any marketable goods should be stripped of their patent. I mean the patent system *is* supposed to be for the good of society, and not just some way to make lawyers richer.
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Don't patent ideas by richard on Feb 1st, 2008 @ 4:19am
... just patent real things and a lot of this nonsense disappears.
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by Anonymous Coward on Feb 1st, 2008 @ 5:16am
Send in the sharks with frickin' laser beams attached to their heads!
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Might force Nokia to rethink its position on paten by Alex on Feb 1st, 2008 @ 8:41am
Nokia was one of the major entities pushing for the legalization of software patents (sorry, that should be "patents on computer-implemented inventions") in the EU. This lawsuit might make it realize that isn't such a good idea.
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600 lb gorillas by Grant on Feb 1st, 2008 @ 12:37pm
So how does the little guy with a brilliant idea keep the 600-lb gorilla from becoming a predator? The gorilla knows the little guy won't stand a chance of holding out in patent litigation, so just walk all over the poor little dweeb. Isn't it about time the gorilla saw some risk in blatently ignoring the patent of the little guy?
Every patent holder needs an IP-com to do battle for them, someone with the kahoohahs big enough to hurt somebody.
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Re: by Cixelsid on Feb 1st, 2008 @ 4:32pm
Yeah, I got patent pending on that, as soon as I get it I'm suing you and Mike Myers.
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