Via Ars Technica: "Last Thursday the United States Court of Appeals for the Federal Circuit heard oral arguments in In Re Bilski, one of the most closely-watched patent cases in years. The case concerns a patent application of one Bernie Bilski for "a method for managing the consumption risk costs of a commodity sold by a commodity provider" by engaging in a series of financial transactions. The patent was rejected by the patent office as too abstract, and Mr. Bilski appealed the decision to the courts. The Federal Circuit, which has been under fire for its liberal rules for patenting abstract concepts, decided to use the case as an opportunity to revisit the issue. In its call for amicus briefs, the Federal Circuit explicitly asked for opinions on whether it should reconsider its State Street decision and tighten limits on abstract ideas."