Financial Fraud Law Report: Counterfeiting and Piracy: Can It Be Quantified?
Counterfeiting and piracy of intellectual property (“IP”) are often pointed to as substantial problems, particularly in certain regions or countries. In April of 2010, the Government Accountability Office (“GAO”) released a study on counterfeiting and piracy (the “Report”) that was required by the Prioritizing Resources and Organization for Intellectual Property Act (“PRO -IP Act”) passed by Congress in 2008. The GAO interviewed officials and subject matter experts, and reviewed literature and studies quantifying or discussing the economic impacts of counterfeiting and piracy on consumers, industries, government, and the U.S. economy. This article summarizes some GAO insights from this Report.
Excerpted from Financial Fraud Law Report, Volume 2, Number 10, November/December 2010. Read the full article.