Technology company Oracle has filed a suit against a cryptocurrency startup for trademark infringement. The company is seeking an award of profits and triple damages.
In the lawsuit, which was filed on August 15 at the U.S. District Court for the Northern District of California, Oracle claimed that New York-based startup CryptoOracle’s name was confusingly similar to its own brand.
Oracle, which sells a wide range of computer software and hardware products, owns multiple trademarks for the ‘Oracle’ brand, claims that it is marks cover services related to financial services and analysis, including cryptocurrencies.
CryptoOracle, whose founder and CEO Louis Kerner was also named as a defendant in the suit, has attempted to register its brand name as a trademark.
According to Oracle, the company sent a cease-and-desist letter to the New York company, but was unable to reach an out-of-court settlement. CryptoOracle then applied to register its name as a trademark.
In its suit, Oracle called for that trademark application to be thrown out. The computer tech company argued that the term ‘crypto’ is simply a descriptive term tagged on to its ‘Oracle’ trademark.
Oracle is seeking damages and injunctive relief preventing the startup from using any marks with the term ‘Oracle’.
“No amount of money damages can adequately compensate Oracle if it loses the ability to control the use of the ‘Oracle’ marks, and its reputation and associated goodwill is damaged through the false and unauthorized use of its marks,” the suit argued.
The case is still pending.
Oracle Corporation et al v. Crypto Oracle, LLC et al
|Judge:||Joseph C Spero|
|Court:||California Northern District Court|
|Nature of Suit:||Trademark|
|Case Filed:||August 15, 2019|