Overstock.com Dismissed From Patent Infringement Lawsuit

SALT LAKE CITY, Aug. 12 /PRNewswire-FirstCall/ -- Overstock.com, Inc. announced it has been dismissed from a recently filed lawsuit alleging patent infringement. The suit, brought by Transauction LLC against Overstock.com and four other internet auction companies, alleged infringement based on Overstock.com's use of a third party's auction bonding services on the Overstock.com auction site (http://auctions.overstock.com/). These bonding services provided a means for auction sellers to bond for their performance in auctions conducted on Overstock.com's site. The plaintiff dismissed the suit when Overstock.com's bonding service provider resolved concerns with the plaintiff.

"It's nice to have this suit dismissed before we even filed an answer," said Overstock President, Jonathan Johnson. "We like to vigorously defend against unjust accusations of patent infringement, but when the provider of the product that is the subject of the infringement claims can resolve a matter, it saves us the trouble of a courtroom battle."