Key Takeaways:
- Yuga Labs settles the dispute with the imitator’s developer.
- In a statement, Thomas Lehman denied the claims made by Ripps’ RR/BAYC.
Developer Thomas Lehman, who worked with Ryder Ripps to build the websites and smart contracts for the RR/BAYC NFT project, and NFT industry leader Yuga Labs have reached a settlement on a lawsuit filed by the NFT platform.
The case concerned Thomas Lehman’s participation in a market that offered “counterfeit” replicas of the business’s premier line.
A settlement was struck between the company and one of Ripps’ associates on the contentious RR/BAYC project on Monday in federal court. Lehman allegedly helped Ripps and Jeremy Cahen create and market the NFTs on social media.
Related to the two collections, it was said that this was a “conscious attempt to hurt Yuga Labs at the cost of customers by sowing uncertainty.”
Ryder Ripps and Jeremy Cahen are charged with copying Yuga Labs’ NFT collections and undermining the value of the original Bored Ape items in a trademark action that was filed in June. The two made a counterclaim and refuted the accusations.
Early in 2022, Ripps allegedly spread claims that Bored Ape Yacht Club NFTs concealed racist and pro-Nazi material. Then, in May, he sold a series of 10,000 Bored Ape NFTs in what he described as a sociopolitical and artistic statement.
According to Law360, Yuga Labs and Lehman reached an agreement on a permanent injunction prohibiting Lehman from utilizing any BAYC artwork that is “confusingly similar” or running any social media accounts that imply affiliation with the business.
A lot happened with Yuga Labs over the past year, from A BAYC NFT being accidentally sold for 200 USDC to SEC investigation into its offers.
After the case was resolved, Lehman said, “I am pleased to have resolved the trademark dispute between Yuga Labs, Inc. and Lehman in the Northern District of New York. I never intended to damage Yuga Labs’ reputation, and I reject any negative claims made about the company and its founders. I also value all of their valuable contributions to the NFT industry.
Ripps, one of the co-creators of RR/BAYC, posted on Twitter following the settlement. Ripps made fun of Andy Warhol’s well-known depictions of Campbell’s soup cans, which could be perceived as a nuanced scrutiny of the resolution.
