Investment firm Metacapital’s trademark case against Meta is settled.

Meta Platforms and investment firm Metacapital Management have informed a New York federal court of a resolution to their trademark dispute arising from Meta’s name change from Facebook. In a court filing, both parties disclosed that they have reached a settlement in principle and have requested the court to temporarily halt proceedings while they finalize the agreement. Further details about the settlement were not immediately available as the companies did not respond to requests for comment.

Meta Platforms underwent a rebranding from Facebook in October 2021 to emphasize its commitment to the metaverse, prompting it to seek trademark registration for “Meta” in various financial service domains, including investment management, in 2022. This move led to a legal challenge from New York-based Metacapital, which asserted its prior use of the name since its establishment in 2001, serving prominent financial institutions such as CitiBank, Barclays, and JP Morgan. Metacapital argued that Meta’s name change could confuse consumers and sought damages of at least $60 million, equating to the sum Meta paid to acquire trademark assets from Meta Financial Group, a regional bank.

Additionally, Meta is contending with trademark lawsuits from other entities, including virtual-reality firm MetaX and technology services provider Metabyte, regarding its name change. Despite Meta’s denial of the allegations in court filings, the legal proceedings continue.

The case is identified as Metacapital Management LP v. Meta Platforms Inc, pending in the US District Court for the Southern District of New York under docket number 1:22-cv-07615.

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