Alibaba Settles TM Suit with Cryptocurrency Firm

Alibaba Settles TM Suit with Cryptocurrency Firm

2019/4/9

 

Chinese e-commerce platform Alibaba has reached a worldwide settlement with cryptocurrency company ABBC Foundation, bringing a trademark dispute between the pair to an end. The companies announced they had settled the lawsuit brought by Alibaba in April last year, which accused Dubai-based ABBC Foundation (known as Alibabacoin Foundation prior to the settlement) of operating an "unlawful scheme to misappropriate" Alibaba's renowned brand name. Filed at the US District Court for the Southern District of New York, Alibaba alleged that ABBC had used the "Alibaba'"trademark to raise more than $3.5 million in crypto assets known as "AlibabaCoins" from investors via crowdfunding. Alibaba also claimed that ABBC featured some of the e-commerce platform's trademarks in materials that solicited investment in the US. District Judge Kimba Wood initially issued a temporary restraining order but, in April last year, District Judge Paul Oetken refused to grant a preliminary injunction against ABBC. Alibaba was given a second chance to show why the New York court should hear the case and, in October 2018, the court granted a preliminary injunction against the Dubai-based company. Today, Alibaba and ABBC said that they had agreed a settlement, under which ABBC will not use trademarks that include the term 'Alibaba' worldwide.

Source: www.worldipreview.com

 




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