Latest news with #JeremyCahen
Yahoo
4 days ago
- Business
- Yahoo
Yuga Labs Bored Ape Yacht Club $9M Win Against Ryder Ripps Overturned, Must Better Prove Trademark Infringement
The creator of the Bored Ape Yacht Club non-fungible tokens (NFTs) needs to better prove that a "satirical" version of these tokens was meant to mislead would-be buyers, a U.S. appeals court said Wednesday, overturning a lower court ruling and sending the case back to that lower court for a new trial. The U.S. Court of Appeals for the Ninth Circuit ruled that a District Court finding that Ryder Ripps' NFT collection harmed Yuga Labs' trademarked NFTs needs to be reconsidered, though without weighing in on whether there was indeed trademark infringement — only that Yuga needed to do a better job of demonstrating that under the law at a new trial, a court document said. Ryder Ripps and Jeremy Cahen, the duo behind the RR/BAYC NFT collection, had previously argued that their tokens were meant to be a satirical response to the actual BAYC. Yuga Labs sued in 2022, alleging trademark infringement and cybersquatting. A partial summary judgement by a district judge found that Yuga does own trademarks to its Bored Ape Yacht Club NFT collection and that Ripps' RR/BAYC NFT collection did cause confusion as the images did look similar. Ripps appealed the final ruling, which included an over $8 million fine to be paid to Yuga. The appeals court said that while Yuga does have priority on the trademark due to being the first to use "the Bored Ape Yacht Club marks," it had not proven that Ripps' NFTs were causing confusion. Nevertheless, Yuga Labs must return to trial. "Yuga may ultimately prevail on these claims, but to do so it must convince a factfinder at trial," the filing said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Yuga Labs dispute over NFT trademarks heads to trial. ‘Not monkey business,' court says
Beneath the speculative non-fungible trading frenzy that erupted in 2021 was a deeper fight over digital ownership and intellectual property. Now, that battle is heading back to court. The US Ninth Circuit Court of Appeals on Wednesday revived Yuga Labs' high-profile trademark lawsuit against conceptual artist Ryder Ripps and developer Jeremy Cahen. The court ruled that a jury must decide whether the duo's parody NFT collection misled consumers. The ruling reversed a $9 million judgment issued last year in favour of Yuga Labs, the creator of the Bored Ape Yacht Club. The appeals panel said the trial judge had improperly decided on disputed facts without a jury. The judges stopped short of siding with Ripps and Cahen, but made clear that questions over source confusion and domain name misuse must go before a fact-finder. 'Some factors indicated a likelihood of confusion, some did not, and some were neutral,' the court wrote, concluding that a trial is required. In a wink to the NFTs in question, the panel added: 'Yuga's NFTs are not merely monkey business.' The court also affirmed that NFTs can be protected under the Lanham Act as 'goods,' rejecting arguments that they're too intangible to qualify for trademark protection under US law. 'The Ninth Circuit confirmed: BAYC NFTs are protectable trademarks,' Yuga Labs co-founder Greg Solano wrote on X, calling it 'an important win for every NFT holder.' He added: 'We'll win in the district just like we won before. Onward.' The court also upheld the dismissal of Ripps and Cahen's counterclaims, including a failed attempt to argue that Yuga had misrepresented copyright ownership when filing takedown requests. The case stems from a 2022 spoof collection called RR/BAYC, which mimicked the Bored Ape NFTs while claiming to criticise the project's alleged connections to hate symbols — accusations Yuga has denied. The original court ruling had ordered the defendants to hand over any infringing NFTs and IP and pay millions in legal fees. The ruling lands just as the NFT market is showing signs of life after a multi-year slump. Top collections like CryptoPunks, Bored Apes, and Pudgy Penguins have seen a resurgence in trading activity, and the total NFT market cap has nearly doubled over the past month to more than $6 billion. Crypto market movers Bitcoin has gained 0.1% in value over the past 24 hours and is trading at $118,665. Ethereum is down 2% in the same period to $3,605. What we're reading Judge allows controversial testimony in Roman Storm trial — DL News 5 crypto sectors booming unexpectedly — Milk Road Crypto's big bang will revolutionise finance — The Economist New Solana Treasury Company Raising $1.5 Billion to Be Led by Joe McCann — Unchained Why institutions are wary of Ethereum treasury plays — for now — DL News Kyle Baird is DL News' Weekend Editor. Got a tip? Email at kbaird@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
6 days ago
- Business
- Reuters
US appeals court overturns Bored Ape maker's $8.8 mln win in NFT trademark case
July 23 (Reuters) - A U.S. appeals court on Wednesday overturned an $8.8 million judgment for Bored Ape Yacht Club non-fungible token maker Yuga Labs in its dispute with artist Ryder Ripps and his business partner Jeremy Cahen over their alleged counterfeits of the NFTs. The 9th U.S. Circuit Court of Appeals said that Yuga had not yet proven, opens new tab that Ripps and Cahen's tokens — which they called satirical works of appropriation art — would confuse NFT buyers, sending the case back to California federal court for a trial on Yuga's trademark infringement and cybersquatting claims. Ripps in a statement said the decision "underscores that appropriation is a vital tool for artists to hold powerful entities to account." Yuga called the decision "a win for the industry" that "validates the fight we took on and confirms that BAYC is a strong and recognizable brand." Yuga accused Ripps and Cahen in a 2022 lawsuit of making millions of dollars from selling counterfeits of its Bored Ape tokens under the pretense of satire. Ripps and Cahen said that their versions of the tokens lampoon allegedly racist and anti-Semitic imagery in Yuga's NFTs and branding. Yuga denied the allegations and said that Ripps was "spreading ridiculous conspiracy theories online and using them to sell knockoff NFTs." U.S. District Judge John Walter ruled for Yuga before trial in 2023 and said that Ripps and Cahen's tokens were likely to create confusion in the NFT market. He awarded Yuga $1.5 million in damages, which later ballooned to more than $8.8 million with attorneys' fees and other costs. The 9th Circuit overturned Walter's decision on Wednesday and said a trial was necessary to determine whether the fake tokens infringed Yuga's trademarks. The appeals court agreed with Walter, however, that Ripps and Cahen were not immune from Yuga's claims based on First Amendment protections for works of art. The case is Yuga Labs Inc v. Ripps, 9th U.S. Circuit Court of Appeals, No. 24-879. For Yuga: Todd Gregorian of Fenwick & West For Ripps and Cahen: Louis Tompros of Wilmer Cutler Pickering Hale & Dorr Read more: Bored Ape NFT maker Yuga Labs sues artist, claiming he copied tokens US judge sides with Yuga Labs in Bored Ape NFT trademark lawsuit Artist owes $1.5 mln in damages for fake Bored Ape NFTs, judge says
