Intellectual Property Insurance Services Corporation's (IPISC) Insured, Octane Fitness, Awarded $1.8M in Attorneys' Fees
LOUISVILLE, Ky., Sept. 2, 2015 /PRNewswire/ -- After a successful appeal to the United States Supreme Court, on remand, the trial court granted Intellectual Property Insurance Services Corporation's (IPISC) insured, Octane Fitness, $1.8M in attorneys' fees and costs, out of the $2.8M it requested for having to defend an exceptional patent lawsuit.
The court allowed the costs of the trial court action and the costs of Octane defending against Icon's appeal of the claim construction and summary judgment. However, it denied costs of the appeal and remand reasoning that Icon reasonably relied on the existing case law. Octane and its legal team, led by Rudy Telscher of Harness Dickey, obtained a ruling from the Supreme Court for a more even-handed allocation of risk to unreasonable patent litigants.
While Octane's costs in defending against the original litigation will now will be recouped, the appeal costs to establish the new and fairer standard were largely borne by IPISC's carrier to clarify the law, and will not be reimbursed. Thus, it is notable that IPISC, working with its carrier, has been responsible for a significant contribution to making patent litigation risks more fairly borne by those who abuse the system.
Icon argued that Octane's attorney fees were unreasonable. The court found the rates generally reasonable and further recognized IPISC's important role in management of the litigation as follows:
"As further assurance that this matter was neither over staffed nor unreasonably billed, Octane's attorney rates and monthly bills were scrutinized by its patent insurance carrier, Intellectual Property Insurance Services Corporation ("IPISC")… 15, 39. IPISC has a vested business interest in ensuring it does not pay above-market rates or overspend on patent litigation. For these reasons, no reduction for alleged overstaffing is warranted." Icon Health & Fitness, Inc. v. Octane Fitness, LLC, No. 09-cv-00319 (D. Minn. Sept. 1, 2015).
About IPISC
IPISC is the pioneer and leader of intellectual property protection insurance and related services. IPISC provides clients with peace of mind by protecting their most valuable, intangible assets. The company is diligent in assessing risks, persistent in providing a policy to mitigate risks, and thorough in response to claims.
For further information, please contact Courtney Dillon, at [email protected], 502-855-5331, www.patentinsurance.com.
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SOURCE Intellectual Property Insurance Services Corporation
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