After three years of litigation, Universal Music Group (UMG) has reached a settlement of trademark disputes with investment platform OpenDeal and blockchain platform Opulous, which do business under the name “Republic”.
UMG argued that OpenDeal’s use of the name “Republic” caused “confusion” with “Republic”. republic records The trademark was registered when OpenDeal began offering customers partial investments in music.
UMG and OpenDeal notified the U.S. District Court for the Southern District of New York on Friday (December 13) that they have reached a settlement in principle.
Terms of the agreement were not disclosed. Judge Jessica Clark If the terms of the agreement are not met, the parties will have 60 days to resubmit the case.
Universal Music GroupIt sued OpenDeal on behalf of its record label, Republic Records, in 2021, when OpenDeal began marketing a new investment product that allowed retail investors to buy shares in music assets.
UMG said in its initial complaint that it had no problem with OpenDeal using the Republic name to trade investment services, but not when it was engaged in activities in the music industry. In 2022, UMG amended the indictment to add Opulous as a defendant. The blockchain company has partnered with OpenDeal/Republic to develop a fractional music investment product.
UMG argued that the marketing of OpenDeal’s music investment services – which included access to exclusive music and concert tickets in addition to royalties paid to part owners – meant that the services it provided under the name “Republic” were not the same as those of record labels There is no difference.
OpenDeal uses Republic Records’ trademarks for the full range of goods and services typically provided by record labels, ranging from recordings, merchandise, event tickets, promotional services and royalty payment services to actual investments in artists, their music, and their careers,” UMG claims.
Republic Records is one of the most famous record labels in the world. Its list includes stars such as Taylor Swift, ariana grande, nicki minaj, Drake, weekend, Post Malonethis jonas brothers, Stevie Wonderand John Mellencamp. it has been named advertising billboardWinner of the Brand of the Year Award multiple times, including in 2024.
In its response to the allegations, OpenDeal denied that it “engaged in any wrongdoing and has no liability to the plaintiffs.”
Among other things, OpenDeal argued that UMG had not “suffered any prejudice” from OpenDeal’s use of the Republic name.
It asked the court to reject UMG’s request for an injunction to prevent OpenDeal from using the Republic name in music activities.
The court ordered the parties to meet on December 11 to reach a settlement.global music business
