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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...
...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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It would be funny if it weren't so sad.
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screw nokia
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Re: screw nokia
GTFO angry dude!
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Get In My Belley
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just like the domain name squatters...
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Don't patent ideas
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Might force Nokia to rethink its position on paten
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600 lb gorillas
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:
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Nokia sued for 18 Billion
jp
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Ridiculous
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