2:11 PM Google, BlackBerry, Red Hat, and Earthlink submit a paper (.pdf) to the FTC and DOJ calling for actions against perceived patent trolls, arguing such firms cost U.S. companies $80B in 2011 after factoring both direct and indirect costs. To back up their stance, the companies claim suits from "patent assertion entities" have risen 4x since '05, and now account for 62% of all IP suits. The paper arrives 6 weeks after Pres. Obama criticized patent trolls, and amidst expectations of Congressional action. Companies that could be affected: RMBS, IDCC, VHC, ACTG, WILN.
What a joke. A company spends years and 100's of million of dollars to develop patents only to be called trolls. I always go back to Qualcom when it was called a troll. Now Qualcom has a market cap of over $100 million. Wish I bought that troll at $16.00