Money transfer service PayPal has entered into a settlement with Lenmo, after it took its competitor to court earlier this year over claims that its name is an "obvious imitation" of PayPal's Venmo.
In an announcement on October 17, Lenmo said it had come to a resolution with PayPal over the trademark litigation, which was filed in July.
It said the matter had been "successfully resolved upon mutually agreeable terms".
Mark Maurice, the CEO of Lenmo, said he was pleased to quickly settle the pending litigation.
As previously reported by WIPR, in its original complaint at the US District Court for the Northern District of California, PayPal alleged Lenmo had attempted to trade on Venmo's goodwill in connection with overlapping digital and mobile payment services.
"The overlap between the 'Venmo' and 'Lenmo' marks and the parties' services will cause consumers to believe mistakenly that Venmo is affiliated with Lenmo, and to associate the poor reputation of Lenmo's offerings with Venmo or other PayPal services," said the suit.
Source: Wipr
