E-Commerce Giant Alibaba filed Trademark lawsuit Against ‘Alibabacoin’
‘Alibabacoin’ to face trademark lawsuit by Alibaba Organisation
Chinese e-commerce giant Alibaba has filed a trademark infringement lawsuit against the founder of a digital currency named “Alibabacoin.”
On Monday, Alibaba launched the legal fight, submitting a charge through the U.S. District Court for the Southern District of New York. The company said that the offender misused its name in an attempt to raise $3.5 million through an ICO.
Alibaba’s Lawyers said:
“Rather than build independent value in the brand and the products and services we offer, Respondents have involved in a willful and concerted campaign. The purpose is to make the public to consider falsely that Alibaba is the source of the Respondents’ products and services, or that such products and services are endorsed or sponsored by, or otherwise associated or affiliated with, Alibaba.”
Alibaba further claimed that numerous unidentified news outlets have erroneously reported an association between the Alibabacoin Foundation and Alibaba.
In a 26th March press release, the foundation opposed the claim that it has a link with Alibaba, saying that the project’s backers “don’t have any particular correlation, affiliate, agreement, partnership, nor any contract whatsoever with Alibaba.com.”
According to report, U.S. District Judge Kimba Wood afterwards issued an interim restraining order to the Dubai-based Alibabacoin Foundation, requiring to clarify by April 11 why it should not be prevented from additional infractions.
The e-commerce giant is looking for an embargo against the foundation, in addition to unspecified damages.
