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4. You further agree not to publish any personal information about yourself or anyone else (for example telephone number or home address). If you add a comment to a blog, be aware that your email address will be apparent.

5. IP Watch will not be liable for any loss including but not limited to the following (whether such losses are foreseen, known or otherwise): loss of data, loss of revenue or anticipated profit, loss of business, loss of opportunity, loss of goodwill or injury to reputation, losses suffered by third parties, any indirect, consequential or exemplary damages.

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    Patent Risk: The ‘New Normal’ In Patent Troll Litigation

    Published on 30 July 2013 @ 3:11 pm

    By for Intellectual Property Watch

    New York – Financial companies in 2012 faced nearly four times the patent litigation from non-practicing entities (NPEs), often called “patent trolls”, than they did five years ago and 2013 promises to be no different, according to a presentation by RPX Corporation, a patent risk management services provider. Financial institutions’ use of social media and its associated risk was also a topic of discussion.

    The presentation took place at the 10th Annual Patents for Financial Services Summit, hosted by the World Congress on 24-25 July in New York.

    While large and visible financial institutions such as JP Morgan, Bank of America, and Wells Fargo are attractive targets for NPEs, mid-size institutions are not immune. The risks are “multi-sector and multi-defendant” and no longer target just business methods but target technology across the board with a “growing risk in the mobile space,” said David Potts, vice president of client development for RPX.

    Mobile technology developments, such as check processing and electronic payments, not only point toward more costly and frequent litigation but affect more than just financial institutions. Retailers, developers, and operating system providers are at increased risk, too, according to RPX.

    Seeking to Reduce the Risk

    Legislative reform aimed at limiting patent litigation abuse by aggressive NPEs holds promise, panellists said.

    “The climate is now ripe for legislation to get through,” said Sean Reilly, vice president and associate general counsel for The Clearing House, a trade association representing 22 commercial banks. “There was a view on Capitol Hill that all patent problems have been solved but big tech has been effective in trampling the Hill.”

    Last month, the Obama administration announced five executive actions and seven legislative recommendations to improve innovation in high tech patents by restricting activities of patent trolls (IPW, US Policy, 4 June 2013).

    Panellists acknowledged that legislation is not a “silver bullet” and urged institutions to “arm themselves with knowledge” against litigation aggressors.

    Social Media Guidelines

    Financial institutions’ use of social media channels such as Facebook, Twitter and Linkedin, was a substantial topic of discussion at the event.

    Specifically, panellists addressed proposed guidance by the Federal Financial Institutions Examination Council (FFIEC) on the potential risks from increased social media use. The FFIEC is a formal interagency body that seeks to prescribe uniform standards for the federal examination of financial institutions. The FFIEC sought comments on the guidance, which concluded in March.

    The guidance [pdf], issued in January, is intended to help financial institutions understand potential consumer compliance, legal, reputation, and operational risks associated with the use of social media, along with expectations for managing those risks.

    Suggestions include the creation of an employee training programme for social media use and an oversight process for monitoring information posted to social media. Even if a financial institution isn’t active on social media, a process for addressing negative comments or complaints on social media is necessary, the guidance says.

    Criticism of the guidance from trade groups, such as the American Bankers Association and the Financial Services Roundtable, are that the recommendations are unsophisticated and need further clarification. Panellists speculated that the FFIEC would issue a second report based on the comments it received during the comment period but gave no indication of when that would happen.

    Kelly Burke may be reached at info@ip-watch.ch.

     


    Leave a Reply

    We welcome your participation in article and blog comment threads, and other discussion forums, where we encourage you to analyse and react to the content available on the Intellectual Property Watch website. By participating in discussions or reader forums, or by submitting opinion pieces or comments to articles, blogs, reviews or multimedia features, you are consenting to these rules.

    We welcome your participation in article and blog comment threads, and other discussion forums, where we encourage you to analyse and react to the content available on the Intellectual Property Watch website.

    By participating in discussions or reader forums, or by submitting opinion pieces or comments to articles, blogs, reviews or multimedia features, you are consenting to these rules.

    1. You agree that you are fully responsible for the content that you post. You will not knowingly post content that violates the copyright, trademark, patent or other intellectual property right of any third party or which you know is under a confidentiality obligation preventing its publication and that you will request removal of the same should you discover that you have violated this provision. Likewise, you may not post content that is libelous, defamatory, obscene, abusive, that violates a third party's right to privacy, that otherwise violates any applicable local, state, national or international law, that amounts to spamming or that is otherwise inappropriate. You may not post content that degrades others on the basis of gender, race, class, ethnicity, national origin, religion, sexual preference, disability or other classification. Epithets and other language intended to intimidate or to incite violence are also prohibited. Furthermore, you may not impersonate others.

    2. You understand and agree that Intellectual Property Watch is not responsible for any content posted by you or third parties. You further understand that IP Watch does not monitor the content posted. Nevertheless, IP Watch may monitor the any user-generated content as it chooses and reserves the right to remove, edit or otherwise alter content that it deems inappropriate for any reason whatever without consent nor notice. We further reserve the right, in our sole discretion, to remove a user's privilege to post content on our site. IP Watch is not in any manner endorsing the content of the discussion forums and cannot and will not vouch for its reliability or otherwise accept liability for it.

    3. By submitting any contribution to IP Watch, you warrant that your contribution is your own original work and that you have the right to make it available to IP Watch for all purposes and you agree to indemnify IP Watch, its directors, employees and agents against all damages, legal fees and others expenses that may be incurred by IP Watch as a result of your breach of warranty or of these terms.

    4. You further agree not to publish any personal information about yourself or anyone else (for example telephone number or home address). If you add a comment to a blog, be aware that your email address will be apparent.

    5. IP Watch will not be liable for any loss including but not limited to the following (whether such losses are foreseen, known or otherwise): loss of data, loss of revenue or anticipated profit, loss of business, loss of opportunity, loss of goodwill or injury to reputation, losses suffered by third parties, any indirect, consequential or exemplary damages.

    6. You understand and agree that the discussion forums are to be used only for non-commercial purposes. You may not solicit funds, promote commercial entities or otherwise engage in commercial activity in our discussion forums.

    7. You acknowledge and agree that you use and/or rely on any information obtained through the discussion forums at your own risk.

    8. For any content that you post, you hereby grant to IP Watch the royalty-free, irrevocable, perpetual, exclusive and fully sub-licensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part, world-wide and to incorporate it in other works, in any form, media or technology now known or later developed.

    9. These terms and your posts and contributions shall be governed and interpreted in accordance with the laws of Switzerland (without giving effect to conflict of laws principles thereof) and any dispute exclusively settled by the Courts of the Canton of Geneva.

     

     
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