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In win for Verizon, Texas panel orders Traxcell to hand patents over to receiver

By Melissa Ritti ( November 14, 2024, 21:08 GMT | Insight) -- Traxcell Technologies must transfer ownership of its patents to a receiver to satisfy a $489,710 judgment owed to Verizon. The Texas Tenth Court of Appeals today rejected claims by the nonpracticing entity that because its business model is based on patent monetization through litigation, the turnover order would extinguish Traxcell’s causes of action against Verizon and others in a violation of the state’s Open Courts Doctrine.Verizon Wireless is one step closer to separating a nonpracticing entity from patents that once formed the basis of an infringement action against the telecom giant which was so baseless that it resulted in an award of $489,710 in attorney’s fees....

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