The new York court dismissed the suit against Alibaba Alibabacoin
Source:
In early April, Chinese technology giant Alibaba Group filed a lawsuit against the project Alibabacoin Foundation, and its creators in the theft of the brand. The plaintiff demands to pay compensation and to require the startup to give up the word Alibaba in the title. The court, however, refused Alibaba Group in the introduction of a preliminary ban on the use of names — the reason was that the project failed to demonstrate the existence of jurisdiction in the territory of Manhattan. About it writes .
How to release a coin and not go broke. Experience Alibabacoin
Judge Paul Atkin deem immaterial the fact that the token in the near future may appear on U.S. exchanges. In addition, Alibabacoin Foundation are unable to prove that she has clients in new York. According to the court, this means that the startup does not harm the business of Chinese retailer.
If the damage was caused, it is likely that this happened in China, not in USA. The us Federal court has no right to make decisions in this jurisdiction.
Alibabacoin Foundation (ABBC) is based in Dubai and owns the eponymous cryptocurrency. During the ICO project has attracted $ 3.5 billion. Representatives of Alibaba believe that the reason for the success of the initial placement and the company as a whole lies in the use of their trademarks, and the company is bad for business in the U.S. and introduces customers to the confusion.
As the newspaper notes, now Alibaba may appeal the decision of Adena. However, the complaint will be considered again in court of Manhattan, new York. The representative of the Chinese company said that its leaders intend to seek review of the decision.
the court's Decision concerned the jurisdiction. We have produced new evidence that ABBC harm our business in the U.S. and finally be done with it.
Earlier, the head Alibabacoin Foundation, said that the company had received approval from lawyers on the use of its name in Dubai and Belarus and does not intend to change it.
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