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Yuga Labs Secures Legal Victory, Awarded $1.6M in Bored Ape Trademark Case

by BSC News

October 27, 2023

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The court ruled in favor of Yuga Labs, demanding the payment of over $1.5 million in damages and the transfer of control of the RR/BAYC smart contract.

Yuga Labs Triumphs 

Yuga Labs, the force behind the Bored Ape Yacht Club (BAYC) NFT collection, secured a legal win on Oct. 26, as the court mandated two individuals to pay substantial damages and forfeit control of the RR/BAYC smart contract. 

The case revolved around Ryder Ripps and Jeremy Cahen's creation of the RR/BAYC NFT collection, mimicking BAYC's assets. The parody not only mimicked the artwork but also drew attention to alleged far-right affiliations, intensifying Yuga Labs' case against the defendants.

Ripps and Cahen were ordered to pay over $1.5 million, comprising profits and the transfer of a smart contract controlling valuable unminted NFTs. Deductions were applied, including payments to business partners and transfer of web domains to Yuga Labs, coupled with a ban on future sales using the Bored Ape trademark.

The Legal Aftermath: Resolution and Future Steps

While Yuga Labs is set to recover costs, the precise attorney fees are yet to be determined, prompting a "meet and confer" between the parties. The ruling laid out a stringent timeline, emphasizing the submission of billing records by November 1, 2023, and subsequent discussions regarding billing rates and costs by November 13, 2023.

With this victory, Yuga Labs gained a leading position in the NFT field, setting a precedent for protecting intellectual property in the ever-evolving digital asset market.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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