– U.S. District Court judge orders Ryder Ripps and Jeremy Cahen to pay Yuga Labs nearly $1.6 million in damages and legal fees in a lawsuit.
– Yuga Labs sued Ripps and Cahen for violating its intellectual property rights through “copycat” NFTs that allegedly devalued the Bored Ape Yacht Club collection.
– Bored Ape Yacht Club is a highly valuable NFT collection.
– Ripps argued the lawsuit was an attack on his freedom of speech and demanded a settlement of $100 billion.
– The verdict is considered a victory for NFT creators concerned about protecting intellectual property rights.
– The court order described the case as exceptional due to Defendants’ use of satire and parody to justify the use of Yuga’s BAYC Marks without consent.
– Defendants’ obstructive and evasive behavior during the litigation exacerbated the proceedings.
Ryder Ripps and Jeremy Cahen have been ordered by a US District Court judge to pay nearly $1.6 million in damages, plus legal fees, to Yuga Labs. The lawsuit was filed by Yuga Labs in June 2022, alleging that Ripps and Cahen violated its intellectual property rights by creating “copycat” NFTs that devalued the Bored Ape Yacht Club (BAYC) collection. BAYC is considered the most valuable NFT collection. During the case, Ripps claimed that the lawsuit infringed on his freedom of speech and demanded $100 billion to settle. The verdict is seen as a win for NFT creators seeking to protect the intellectual property of their collections. The court order described the case as exceptional due to the defendants’ use of satire and parody as a defense without Yuga Labs’ consent. The defendants’ conduct during the litigation was also criticized as obstructive and evasive.
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