Telegram was obliged to pay $ 625 000 to the startup due to a conflict over the Gram trademark

News

Telegram was obliged to pay $ 625 000 to the startup due to a conflict over the Gram trademark

06.11.2020 News

The Northern District Court of California ordered Telegram to pay almost $ 625 000 in legal costs to the startup Lantah LLC. The company has a dispute with this startup over the Gram brand.

In May 2018, Telegram filed a lawsuit against Lantah, accusing it of violating the rights to the Gram trademark. In June, the startup filed a counterclaim. Telegram planned to name Gram its own cryptocurrency, the project managed to raise $ 1.7 billion. The launch of the project failed due to a court injunction by the US Securities and Exchange Commission (SEC). SEC believed that Telegram’s cryptocurrency was essentially a security and that the company should follow listing rules, including disclosing financial information.

In August 2020, the court granted Telegram’s request to withdraw the lawsuit. The condition was to reimburse the startup for court costs. Lantah demanded $ 1,615,140, the lawyer’s hour was estimated at $ 900. The court lowered the rate to the market price of $ 600 per hour. As a result, Telegram must pay Lantah $ 618,240 for the lawyer and another $ 6737.35 in compensation.

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