Bites (noun): more meaty news to sink your teeth into.
Barks (noun): peripheral noise worth your attention.
Jason Somma’s (Saxton & Stump) Norwich Terrier, Brownie
This week in Other Barks & Bites: A group of senators introduces the COPIED Act; WIPO begins its annual assemblies meetings; and the European Union publishes the final text of its landmark AI Act.
Bites
EU Publishes Final Text of AI Act
On Friday, July 12, the European Union published the full and final text of its AI Act, which will become law on August 1. The landmark legislation mandates that generative AI developers and platforms must publicly disclose how copyrighted works are used in their training models. The law has far-reaching implications as the platforms are required to comply with the EU law even if the platforms are trained outside the European Union.
Senate Passes Bill Curtailing Pharmaceutical Patent Thickets
On Thursday, July 11, the Senate unanimously passed the Affordable Prescriptions for Patients Act, which aims to lower prescription drug patents by curbing “patent thickets” created by pharmaceutical companies. The bill was proposed by Senators John Cornyn (R-TX) and Richard Blumenthal (D-CT). Senator Cornyn said, “this long-overdue legislation would promote competition and lower prices for patients without standing in the way of innovation, and I urge my colleagues in the House to pass it as soon as possible.”
Senators Introduce COPIED Act to Make Removing Watermarks from AI Content Illegal
On Thursday, July 11, a bipartisan group of senators introduced the COPIED Act which would make removing digital watermarks from AI-generated content illegal. The bill aims to curb the threats of deepfakes and also provide artists and journalists the ability to protect their material from being used to train AI. The bill would also give the Federal Trade Commission (FTC) the ability to enforce the bill. The new bill received a variety of endorsements including the National Music Publishers’ Association, “As AI-generated music continues to disrupt the legitimate market, it is essential that listeners know where their music is coming from. Artists and songwriters deserve protection against unauthorized imitations and this legislation is an important step towards that goal,” said David Israelite, President and CEO.
Marc Jacobs and Nirvana Settle Logo Lawsuit
On Tuesday, July 9, fashion label Marc Jacobs and the band Nirvana settled a lawsuit over the IP rights to Nirvana’s smiley face logo. The parties agreed to accept a mediator’s proposal to resolve the case with a settlement out of court within 21 days. The surviving members of the band Nirvana claimed that Marc Jacobs was using a nearly identical logo for a clothing collection without their permission.
Barks
Beastie Boys Accuses Chili’s of Copyright Infringement
On Wednesday, July 10, the Beastie Boys sued the restaurant Chili’s, accusing the company of using its 1994 hit “Sabotage” in social media ads without their permission. The band said the social media campaign amounted to copyright infringement and unfair competition. Chili’s is also accused of dressing actors in outfits that evoke the original music video for the song.
WIPO Kicks Off Annual Meetings
On Tuesday, July 9, the World Intellectual Property Office (WIPO) opened the WIPO Assemblies annual meeting with a speech from WIPO Director General Darren Tang. The meetings from July 9-17 will be WIPO’s largest ever with 1,400 delegates and 20 ministers in attendance. “The work of transforming the global IP ecosystem is beginning to show results, not just shaping global IP standards and gaining attention of leaders, but also reaching deeper to the ground, and touching the lives of more people than ever,” said Tang
USCO Issues Final Rule that Changes Some Royalty Payments That Fall Under Derivative Works Exception
On Tuesday, July 9, the U.S. Copyright Office (USCO) published a final rule that confirms the derivative works exception to termination rights under the Copyright Act does not apply to the statutory mechanical blanket license established by the Music Modernization Act. The mechanical licensing collective is thus ordered to make future royalty payments in line with the new understanding of the exception and correct previous overpayments.
EPO Celebrates European Inventor Award Winners
On Tuesday, July 9, the European Patent Office (EPO) announced the winners of the European Inventor Award 2024 at a ceremony in Malta. The EPO awarded inventors in seven categories: Industry, Research, Non-EPO Countries, SMEs, Lifetime Achievement, Young Inventors, and the Popular Prize. The EPO wrote, “an independent jury selected the winners for their contributions that span sectors such as automotive manufacturing, computer vision, magnet technology and renewable energy.”
This Week on Wall Street
Fed Chairman Says Era of Low Rates Is Not Coming Back
On Wednesday, July 11, Federal Reserve Chair Jerome Powell testified before the House Committee on Financial Services and said near-zero interest rates are likely over. When questioned, Powell said that the era of low interest rates from the 2008 financial crisis to the 2020 pandemic is likely over. The chairman continued that the interest rate will remain higher in order for the Fed to achieve its goals of reducing inflation and achieving price stability.
Quarterly Earnings – The following firms identified among the IPO’s Top 300 Patent Recipients for 2023 are announcing quarterly earnings next week (2023 rank in parentheses):
- Monday: None
- Tuesday: Bank of America (64)
- Wednesday: Johnson & Johnson (20), ASML (182)
- Thursday: Taiwan Semiconductor (5), Abbott Laboratories (124), Intuitive Surgical (187)
- Friday: None
