Barclays is the first major European headquartered bank to join LOT Network and Open Invention Network Community to oppose the abuse of intellectual property rights by patent trolls.
Patent trolls, otherwise known as Patent Assertion Entities, are organisations that derive revenue primarily by threatening to sue unless companies pay to license their patents. Even the most spurious claims are usually settled due to the excess time, resources and expenses required for a succesful litigation.
By joining the non-profit LOT Network and open-source-based OIN Community, Barclays is adding its portfolio of patents to the millions of patents that are already hosted.
LOT Network financial members from outside of the EU include JPMorgan Chase, Alibaba, Citi, Vanguard, Visa, American Express, Wells Fargo, Union Pay, and Fidelity
Lee Braine, managing director, chief technology office at Barclays, says: “Spurious claims from Patent Assertion Entities divert resources and investment away from true innovation and collaboration. We also recognise that a modern approach to technology development and innovation requires a level playing field around use of open source software. With membership of LOT and OIN, we are pleased to contribute to and extend the growing global community working together to reduce the PAE threat and lower barriers to use of open source technologies.”