Peter Roberts (inventor)

Peter Roberts (inventor)

Peter Roberts invented the quick release socket wrench. He sold his patent to US retail store chain Sears for $10,000 who said that they did not think the invention was worth very much. When he learned that Sears had done a market study with revealed a huge market and that they had sold 26 million of his wrenches for a profit of $44 million within a year, he sued them for fraud. In 1976, a US Federal jury agreed with him and awarded him $1 million in damages. Sears appealed the decision all the way to the US Supreme Court but lost. [ [http://www.time.com/time/magazine/article/0,9171,946093,00.html "Wrenching Sears" Time Magazine October 23, 1978] ]

ee also

*Independent inventor

References


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