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CEA Thanks Sen. Cornyn for Taking On Patent TrollsARLINGTON, Va. --(Business Wire)-- The following statement is attributable to Gary Shapiro, president and CEO of the Consumer Electronics Association (News - Alert) (CEA) ®, in response to today's introduction of the Patent Abuse Reduction Act, introduced by Sen. John Cornyn (R-Texas): "We commend Sen. Cornyn for introducing the Patent Abuse Reduction Act, which will help curb abusive patent litigation practices. "Patent litigation abuse has reached epidemic proportions and not only impacts the tech industry, but also ensnares legitimate retailers and end users. Patent Assertion Entities' (also known as PAEs or patent trolls) lawsuits now account for a majority of all patent litigation in the U.S., up from just 19 percent in 2006. Studies indicate that abuses in the patent litigation industry are costing innovators more than $80 billion annually in direct and indirect costs. More, a majority of these suits are brought against small businesses that lack the resources and expertise to devote to the costly and complex patent litigation process. "The Patent Abuse Reduction Act contains a number of provisions that will help put the growing patent troll industry out of business. First, it would require trolls to provide more specific information about the substance of their infringement assertions and clearly identify the plaintiff. Second, it putsreasonable limitations on discovery and requires the patent trolls to pay for additional discovery requests. Third, the 'loser pays' provisions will lesson patent trolls' incentives to go to court with weak or flimsy claims. "We thank Sen. Cornyn for addressing this very critical issue, and we look forward to working with Congress on smart, effective patent reform." About CEA: The Consumer Electronics Association (CEA) is the preeminent trade association promoting growth in the $209 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces the International CES (News - Alert) - The Global Stage for Innovation. All profits from CES are reinvested into CEA's industry services. Find CEA online at www.CE.org, www.DeclareInnovation.com and through social media: http://www.ce.org/social UPCOMING EVENTS
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