Alibaba settles TM suit with cryptocurrency firm
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.
Today, March 12, 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.
“And, lest there be any doubt in consumers’ minds as to whether defendants are associated with Alibaba, those same materials brazenly and explicitly assert that is the case,” said Alibaba in its claim.
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.
Oetken concluded that Alibaba had failed to establish a “reasonable probability” that Alibabacoin’s websites have been “actually used to effect commercial transactions with customers in New York”.
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.
“ABBC regrets any public confusion that may have arisen from its former use of ‘Alibabacoin’,” said the statement.
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Today's top stories:
Siemens retakes top spot in EPO rankings
UPS on a high after court issues injunction against United Pot Smokers
English High Court delivers partial win for TQ Delta in patent dispute
