Patent trolls are organizations that derive revenue primarily by threatening to sue unless companies pay to license their patents. The are also known as Patent Assertion Entities.
More often than not the most flimsy claims are usually settled because of the excess time, resources and expenses that are required for a successful 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
In a statement Barclays, said: “Spurious claims from Patent Assertion Entities divert resources and investment away from true innovation and collaboration. We also recognize 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.”