Telegram voluntarily dropped a lawsuit in opposition to Lantah LLC over copyright claims to the GRAM ticker – and now the messaging agency has to pay Lantah’s authorized charges.
Telegram Fronts Value of Copyright Lawsuit
Lantah LLC is a small firm based in 2017 aimed toward making a distributed market supporting crypto funds.
In 2018, Telegram sued Lantah for utilizing the GRAM ticker, the identical ticker utilized by the Telegram Open Community (TON) undertaking, which raised $1.7 billion in an ICO promoting GRAM tokens.
Whereas the messaging agency asserted that Lantah was making an attempt to piggyback on the success of the TON ICO, Lantah disputed this argument, citing proof that it had registered the GRAM trademark in 2017. After suing for copyright infringement, false designation of origin, and unfair competitors, the agency dropped the lawsuit when the TON undertaking failed to face as much as U.S. regulatory scrutiny.
The SEC charged the agency with violating securities legal guidelines, and Telegram deserted TON in Could 2020. Traders will doubtless obtain most of their a refund.
On Nov. 2, Telegram was allowed to voluntarily dismiss the lawsuit supplied that the agency cowl Lantah’s authorized invoice of $618,240 and prices of $6,773.35. Lantah had initially requested $1,615,140 in authorized charges.
Telegram has additionally agreed to pay a civil penalty to the SEC of $18.5 million resulting from its violation of securities legislation.