Yuga Labs Lawsuit Ends With $9 Million Fines From Individuals
Key Points:
- Ryder Ripps and Jeremy Cahen were ordered to pay nearly $9 million in the Yuga Labs lawsuit.
- Yuga Labs accused the duo in 2022 of counterfeiting Bored Ape tokens as part of an art project.
In a conclusive resolution to the long-standing copyright dispute, a U.S. District Judge, John F. Walter, has ordered Ryder Ripps and Jeremy Cahen to pay nearly $9 million in damages to Yuga Labs.
Ryder Ripps and Jeremy Cahen Ordered to Pay $9 Million in Yuga Labs Lawsuit
The case stemmed from a Yuga Labs lawsuit filed in 2022, accusing Ripps and Cahen of profiting from counterfeiting its Bored Ape tokens, disguised as an art project. The controversial RR/BAYC collection, labeled “copycat” by Yuga, led to a federal judge’s ruling in favor of the NFT company in October 2023.
Ryder Ripps, who initially sought a settlement of $100 billion, now faces the financial consequence of nearly $9 million, encompassing disgorgement of profits, penalties, attorneys’ fees, and additional costs. The judgment underscores the severity of the allegations and marks the culmination of the protracted legal battle.
Ripps’ Artistic Intentions vs. Yuga Labs’ Intellectual Property Claims
The Yuga Labs lawsuit claimed that Ripps and Cahen generated millions through the imitation of Bored Ape tokens, alleging infringement on their intellectual property. Ripps, however, defended his creations as 1st Amendment-protected works of appropriation art, intended to satirize perceived racist and antisemitic elements in Yuga’s NFTs and branding.
This final decision by Judge John F. Walter solidifies Yuga Labs’ victory, bringing closure to the copyright suit that has unfolded over the past years. The imposed penalty of $8.9 million, which includes almost $7 million in attorneys’ fees, serves as a notable legal outcome in the evolving landscape of NFT-related disputes.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Yuga Labs Lawsuit Ends With $9 Million Fines From Individuals
Key Points:
- Ryder Ripps and Jeremy Cahen were ordered to pay nearly $9 million in the Yuga Labs lawsuit.
- Yuga Labs accused the duo in 2022 of counterfeiting Bored Ape tokens as part of an art project.
In a conclusive resolution to the long-standing copyright dispute, a U.S. District Judge, John F. Walter, has ordered Ryder Ripps and Jeremy Cahen to pay nearly $9 million in damages to Yuga Labs.
Ryder Ripps and Jeremy Cahen Ordered to Pay $9 Million in Yuga Labs Lawsuit
The case stemmed from a Yuga Labs lawsuit filed in 2022, accusing Ripps and Cahen of profiting from counterfeiting its Bored Ape tokens, disguised as an art project. The controversial RR/BAYC collection, labeled “copycat” by Yuga, led to a federal judge’s ruling in favor of the NFT company in October 2023.
Ryder Ripps, who initially sought a settlement of $100 billion, now faces the financial consequence of nearly $9 million, encompassing disgorgement of profits, penalties, attorneys’ fees, and additional costs. The judgment underscores the severity of the allegations and marks the culmination of the protracted legal battle.
Ripps’ Artistic Intentions vs. Yuga Labs’ Intellectual Property Claims
The Yuga Labs lawsuit claimed that Ripps and Cahen generated millions through the imitation of Bored Ape tokens, alleging infringement on their intellectual property. Ripps, however, defended his creations as 1st Amendment-protected works of appropriation art, intended to satirize perceived racist and antisemitic elements in Yuga’s NFTs and branding.
This final decision by Judge John F. Walter solidifies Yuga Labs’ victory, bringing closure to the copyright suit that has unfolded over the past years. The imposed penalty of $8.9 million, which includes almost $7 million in attorneys’ fees, serves as a notable legal outcome in the evolving landscape of NFT-related disputes.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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