A district judge in California has awarded $1.5 million in damages to Yuga Labs, makers of the NFT Bored Ape Yacht Club, for infringement of their trademark.
- A district judge in California has ruled in favour of Yuga Labs, the company behind the well-known Bored Ape Yacht Club (BAYC), in a trademark infringement dispute against Ryder Ripps and Jeremy Cahen.
- As compensation for Ripps and Cahen’s earnings from the sale of their Ryder Ripps Bored Ape Yacht Club NFT collection, which, according to the court, infringed Yuga Labs’ trademark, the court awarded Yuga Labs compensation of approximately $1.5 million.
- The defendants argued in court that their use of the trademarks BAYC owned by Yuga Labs was satire and parody.
A district judge in California ruled in favour of Yuga Labs, the company behind the well-known Bored Ape Yacht Club (BAYC), in a trade mark infringement dispute against Ryder Ripps and Jeremy Cahen.
As compensation for the profits that Ripps and Cahen made from the saleof their collection Ryder Ripps Bored Ape Yacht Club NFT, found by the court to infringe Yuga Labs’ trademark, the court awarded Yuga Labs damages of approximately$1.5 million.
The defendants argued to the court that they were using the BAYC trademarks, which are owned by Yuga Labs, for satirical purposes and as parody. However, the judge rejected these arguments. The ruling stipulates that Ripps and Cahen must give up all related web assets, pay fines, assign a smart contract for their fake monkeys and stop all sales and marketing of their counterfeit NFTs.
