We recently reported on the Alibaba Group Holding infringement lawsuit as we promised to keep you posted.
Going forward, the Dubai-based cryptocurrency company called Alibabacoin Foundation has denied the allegations of trademark infringement brought against it by the giant Chinese online retailer Alibaba Group Holding (BABA.N) in a U.S. lawsuit last week.
It will be recalled that a judge in the U.S. District Court in Manhattan had imposed a temporary restraining order on Alibabacoin Foundation sequel to the lawsuit filed.
In reaction to this allegation, Alibabacoin Foundation’s lawyers stated that the company had no intention to infringe on Alibaba’s intellectual property and that the lawsuit’s demand for it to shut down and restart with another name was “neither a reasonable or proportionate response to our client’s entirely legitimate use of an inherently generic word which emanates not from China, but indeed from the very region in respect of which your client would seek to prohibit its use.”
Let’s sit and watch how this lawsuit would be settled. We will continue to keep you updated.