Ryder Ripps must pay Yuga Labs $9 million after lawsuit's final judgment

Bitget App

Trade smarter

The Block2024/02/05 07:46

By:The Block

Quick Take A judge has ordered Ryder Ripps and Jeremy Cahen to pay nearly $9 million in damages to Yuga Labs in a final judgment that brings the long-running trademark infringement suit to an end. With penalties of only about $1.5 million, most of the sum is attorneys’ fees.

Ryder Ripps must pay Yuga Labs $9 million after lawsuit's final judgment image 0

Ryder Ripps was hoping to settle the lawsuit he filed alongside Jeremy Cahen, also known as Pauly0x, against NFT company Yuga Labs for a payout of $100 billion .

Instead, following a final judgment in the case by U.S. District Judge John F. Walter, Ripps and Cahen will have to pay Yuga Labs a sum of nearly $9 million in disgorgement of profits, penalties, attorneys' fees, and other costs.

A federal judge earlier ruled in favor of Yuga Labs in the company's long-running dispute against Ryder Ripps and Jeremy Cahen, creators of the "copycat" RR/BAYC collection, in Oct. 2023 . However, the final penalty sum of $8.9 million, including the nearly $7 million in attorneys' fees, was only determined with this recent motion .

As part of the judgment, Ripps and Cahen must also relinquish the NFTs and transfer any infringing intellectual property, including domain names and smart contracts, over to Yuga Labs within the next two weeks.

Yuga Labs, and lawyers for Ripps and Cahen were unable to be immediately reached for comment.

Correction: An earlier version mischaracterized the lawsuit as a copyright dispute.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!