Intellectual Ventures starts PAC to lobby for patent trolls

Gigaom

Intellectual Ventures, a firm that has spawned thousands of shell companies to pursue patent lawsuits, is starting a political action committee that could influence this year’s midterm elections.

According to The Hill, the giant patent troll submitted a filing to the Federal Elections Commission to open a PAC, which will have the power to donate money to candidates for the House of Representatives and Senate.

IV’s decision to increase its political clout comes at a sensitive time for trolls, which don’t sell products based on their patents but instead amass old patents in order to demand money from companies that do. Currently, Congress is preparing a law that could undercut their business model, while the White House and the Federal Trade Commission are launching new tools to curb troll abuses.

IV’s attempt to persuade Congress of the virtues of trolling has become more difficult in the last year, in the…

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