WI 'patent troll' law protects credit unions from expensive,
Wisconsin credit unions have new protection against claims of patent
infringement. A new, League-backed state law gives
the Attorney General power to investigate certain claims as a
way of discouraging frivolous claims that have been increasingly
waged by those known as "patent trolls."
Patent trolls buy up patents, send out letters claiming infringement
and threaten legal action if the business doesn't pay to settle the
claim. Credit unions in the U.S. that may have used certain
products or affected technologies have paid what amounts to
extorted fees to patent trolls rather than face what could amount to a
greater expense to research and fight the claims in court.
Under Wisconsin's new law, Act 339, there's now a deterrent to those
seeking alleged damages for patent infringement. Those
claiming infringement must supply the state with detailed
records about the supposed infringement or face $50,000
in fines for each claim of infringement for which the details are
not provided within the required time frame.
"While Congress and at least 14 states have been working to pass
legislation in this area, Wisconsin is one of only a handful of states
that have succeeded thus far in providing a measure of protection and
relief," said League VP of Government Affairs Tom Liebe. "CUNA and The
League work in concert with CU Activists year-round to communicate about credit
unions' mission and advocate for legislative and regulatory improvements to credit unions'
CUNA also continues its effort to pass federal
legislation that might further curtail abusive practices relating to
patent usage. The latest federal legislation currently sits in a
U.S. Senate committee.
The Unite for Goodeffort is an
internal growth strategy developed by CUNA in conjunction with its
Board, state leagues, credit unions and system partners. The
plan'saction steps– to remove barriers, increase awareness and foster
service excellence–are aimed at helping more credit unions become
their members' primary financial institution by compelling members to
see credit unions as their best financial partner. Read more articles in our Unite for Good
Wisconsin patent troll legislation is another barrier removed for credit unions