Intellectual Property Insurance Services Corporation: Patent Insurance Makes its Mark
Apr 20, 2015, 11:55 ET
LOUISVILLE, Ky., April 20, 2015 /PRNewswire/ -- Last week, in a letter sent by the Federal Circuit Bar Association to Congressman Bob Goodlatte (R-VA), the Association emphasized that since the Supreme Court's decisions last term in Octane and an associated case, motions for attorneys' fees are being granted at more than five times the rate they were in the preceding year.
As background to winning the case, Octane Fitness obtained a patent defense reimbursement policy through Intellectual Property Insurance Services Corporation (IPISC). At the time, Octane was a small competitor relative to plaintiff Icon Health. Years later, as Octane became more successful, Icon sued Octane for patent infringement. The cost of patent litigation could have put Octane out of business. But calling upon its insurance policy and IPISC's litigation management team, Octane fought Icon and won. Moreover, Octane believed that Icon had brought suit without doing enough diligence to legitimately bring the patent litigation, and requested the court order Icon to pay for Octane's attorney fees. IPISC, and the defense reimbursement policy it provides, supported Octane through appeal to the Supreme Court and back on this fee-shifting issue.
In speaking to value of the insurance and services provided by IPISC, Dennis Lee, President of Octane, says, "Without patent insurance we would have been dead in the water. We did not have $2 million to pay to lawyers to defend us. We would have had to have paid Icon, even though they had no real patent claim against our company. Further, IPISC helped us pick one of the best litigation teams in the country to help us win this."
You may read the case in its entirety here. For further information, please contact Courtney Dillon, at [email protected], 502-855-5331, www.patentinsurance.com.
About IPISC
IPISC is the world leader in intellectual property insurance and services. Our track record of results, including enabling clients to pursue cases all the way to the Supreme Court, demonstrates our ability to protect your vital intangible business assets. Patents and trademarks are important, but ultimately worthless without the means to enforce them, or to defend your company from predatory IP lawsuits. We do the research and extend the resources to give you complete peace of mind.
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SOURCE Intellectual Property Insurance Services Corporation