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Patent trolls can devastate businesses with lawsuits

Patent trolls can devastate businesses with lawsuits. Published: 4/20/2012

At the recent TED 2012 conference held in Long Beach, California, Drew Curtis, the founder of Fark.com, compared patent trolls to terrorists and remarked that they must be avoided at all costs.

According to FoxNews.com, the term "patent troll" refers to a company that is created strictly to make a profit from suing other companies for patent infringement. Curtis outlined his strategy for winning these costly lawsuits with patent trolls. 

"I make things as difficult, tedious, and annoying for plaintiff's attorneys, who likely work on contingency and get paid for a percentage of settlements, not for their time," Curtis told FoxNews.com.

Lawsuits related to intellectual property are not uncommon in the tech industry, which means companies in this sector should consider professional liability insurance, which can provide protection in the event of an IP dispute.

According to Curtis, patent infringement lawsuits can be so costly that it might actually benefit a business to settle with these patent trolls, instead of pursuing litigation.

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