Joint Research and Development Ventures Act

Joint Research and Development Ventures Act - Requires U.S. citizens and firms to request and obtain the approval of the Attorney General in order to gain an antitrust exemption for a joint research and development venture. Directs the Attorney General to approve such a venture, within 60 days, if: (1) participation is open to all U.S. firms and all domestic subsidiaries of firms of foreign nations that provide equivalent access to U.S. firms operating in such nations; (2) the results of such venture will be made available to all firms within six years after the venture receives title to any invention patent, or methodology; (3) any restraints are imposed for only as long as is necessary for the lawful purpose of the venture and are not part of restrictive agreements having unwarranted anticompetitive effects; (4) no participant is subject to any restriction on its own research and development activities or any obligation to provide the venture results of its previous or future research and development; and (5) such venture will not lessen competition to the extent of foreclosing competitors from participating in a market.

Authorizes the Attorney General to withdraw or modify approval of a venture if: (1) he or she notifies the venture of actions needed to retain approval; and (2) such actions are not taken within 30 days. Provides for the judicial review of the withdrawal, modification, or denial of venture approval. Declares that the Attorney General's determinations concerning venture approval shall not be admissible as evidence in any administrative or judicial proceeding in support of any claim under the antitrust laws.

Declares that no act or failure to act within the scope of an approved joint venture shall be construed to be a violation of, or a basis of liability under, Federal or State antitrust law.

Directs a court to award a venture participant the cost of defending against an antitrust claim if the claim is based on conduct that does not, in fact, violate antitrust law or that is undertaken in the operation of a venture that has been approved under this Act.

Requires the Attorney General to withdraw approval of a venture unless: (1) all inventions and knowledge developed are reported to all participants; (2) the venture makes patent applications on behalf of participants and retains title to all inventions, patents, and methodologies; (3) firms are entitled to all patents, inventions, and methodologies resulting from discoveries made when such firms were program participants; and (4) the venture grants all U.S. firms access to venture developments six years after the venture receives title to such developments.

Requires each venture to submit to the Attorney General any changes that may affect approval of the venture.

Sets forth provisions governing the disclosure of information submitted in connection with the issuance, amendment, modification, or revocation of approval.

Makes this Act applicable to joint ventures established prior to its enactment.