coindesk.com
Yuga Labs has settled its lawsuit against artist Ryder Ripps and Jeremy Cahen over their alleged copycatting of its non-fungible tokens (NFTs) from the Bored Ape Yacht Club collection.
The agreement ends a two-year dispute over whether the pair’s project, which reused Bored Ape imagery, crossed the line from satire into trademark infringement.
Proposed court orders would permanently bar Ripps and Cahen from using Yuga’s trademarks and imagery, according to a filing in California federal court. The terms of the settlement were not disclosed.
Yuga’s Bored Ape collection became one of the most recognizable $NFT brands during the market’s peak. The firm sued in 2022, claiming Ripps and Cahen sold lookalike tokens in their RR/BAYC $NFT collection and earned millions by confusing buyers. The defendants argued their work was a satirical response to the actual Bored Ape Yacht Club collection.
A district judge initially sided with Yuga and awarded nearly $9 million in damages and fees. But an appeals court later overturned that ruling, saying a jury should decide whether buyers were actually misled. The settlement avoids that trial.