Word: refaced
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Dates: during 1991-1991
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With the cost of litigation soaring -- defending a patent in court can cost ( $250,000 to $2 million -- entrepreneurs are financing lawsuits for inventors in exchange for a piece of future royalties. A New York City company, Refac Technology, has sued more than 2,000 companies, including IBM, Kodak, Sears, Exxon and Sony, on behalf of small inventors. Refac raised more than $3 million from investors to finance a series of suits by Gordon Gould, inventor of the laser, against the likes of AT&T and Xerox. The companies settled. Refac's revenues last year, mainly from royalty fees, exceeded...
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