Overstock.com CEO fires back at Senate

Overstock.com released a statement lamenting the decision of Senate Judiciary Committee Chairman Patrick Leahy to delay patent troll litigation reform legislation — the same legislation requested by President Obama and passed by the House of Representatives.



The company praised Utah's Senators Orrin Hatch and Mike Lee and other likeminded senators for their leadership in championing legislative proposals that, "would have put a stake in the heart of abusive patent trolls and restored order to the nonsensical patent litigation system which today inhibits innovation," said Overstock.com CEO Patrick M. Byrne.



Overstock.com has won many victories against patent trolls and continues to fight patent troll suits. The company pointed out that defending itself against these suits comes at a high price. The proposals that the Senate sidelined today would have relief for American companies under siege from patent troll suits, which overrun American business interests and cost the economy $30 billion annually, the statement said.



"That's real money and real lost jobs and lost opportunities," says Jonathan Johnson, Overstock.com's chairman and former general counsel. "Tens of thousands of companies have called for reform, and millions of jobs and large sections of the economy depend upon it."



Patent troll litigation reform seemed like the one initiative that the Senate might act on this year that would have had a decisive effect; it enjoyed large bipartisan and White House support. A similar measure passed the House by a 325-vote majority and President Obama pledged support for swift action.



"Failing to act on these measures mocks justice," added Byrne. "We ask senators going into this election season to say 'no' to the special moneyed interests opposing this reasonable package of reforms and get this done now."



Overstock.com said it will continue its fight against patent trolls and asks the Senate to pass the legislation.