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Submission + - Banks Turn to NY Sen. Schumer for Patent Suit Help (nytimes.com)

An anonymous reader writes: From the NY Times article:

"Big banks have paid hundreds of millions of dollars to a tiny Texas company [owned by Claudio Ballard] to use a patented system for processing digital copies of checks. After years of fighting, the banks went to Senator Schumer who inserted into a patent overhaul bill a provision that appears largely aimed at helping banks rid themselves of the Ballard problem. The Senate passed the bill easily in March. Mr. Schumer said he believed he did the right thing. “This is a case where one company has made a cottage industry out of extracting legal settlements by exploiting a fuzzy part of the law on patents,” he said.

Readers should note that Ballard DID invent the system himself and file the patent. This is NOT a patent troll in the normal sense..

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Banks Turn to NY Sen. Schumer for Patent Suit Help

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10.0 times 0.1 is hardly ever 1.0.