A U.S. court has ruled that Ryder Ripps and Jeremy Cahen must pay Yuga Labs $1.57 million in a lawsuit related to Bored Ape Yacht Club (BAYC) NFTs. Yuga Labs received $1.37 million for disgorgement and an additional $200,000 in statutory damages. The court rejected the “satire” defense, stating that the defendants intentionally infringed on BAYC trademarks.
In California, a U.S. court has ruled that NFT artists Ryder Ripps and Jeremy Cahen must pay $1.57 million to Yuga Labs, the creator of Bored Ape Yacht Club (BAYC). This payment is for disgorgement and damages and brings an end to a lengthy legal dispute over alleged copycat NFTs.
This decision stems from a prior partial judgment earlier this year, where the court found in favor of Yuga Labs. Yuga Labs had accused Ripps and Cahen of violating copyright laws by creating NFTs resembling BAYC collectibles.
The court granted Yuga Labs $1.37 million as compensation for the defendants’ profits and added an extra $200,000 in statutory damages for cybersquatting violations. Trademark and copyright attorney Neer McD provided insights on this matter on the X platform.
Yuga Labs v. Ryder Ripps et al – Notes from the Court's Findings of Fact and Conclusions of Law
Yuga is awarded $1,375,362.92 in Ds profits, $200,000 in statutory damages, and attorneys' fees and costs (amount TBD). A permanent injunction is also issued against Ds.
🧵 1/ pic.twitter.com/2dTiuWpZSA
— NeerMcD.eth (@NeerMcD) October 26, 2023
Yuga Labs is set to recover legal fees from NFT artists Ryder Ripps and Jeremy Cahen as ruled by Judge John Walter. This is because the judge deemed the trademark infringement to be an exceptional case. He clarified that attorney fees can be awarded in trademark cases when a party’s actions are considered malicious, fraudulent, deliberate, or willful.
Moreover, the judge dismissed the defendants’ assertion that their copycat Bored Ape Yacht Club (BAYC) versions were a form of satire or parody. Walter ruled that the defendants intentionally infringed on Yuga Labs’ BAYC trademarks with the clear intent of making a profit. He also noted that the defendants continued to promote their counterfeit BAYC versions even after a partial summary judgment was issued against them in April.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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