After three years of litigation, Universal Music Group (UMG) has settled a trademark dispute with investing platform OpenDeal, which does business under the name “Republic,” and blockchain platform Opulous.
UMG had argued that OpenDeal’s use of the “Republic” name created “confusion” with the Republic Records trademark when OpenDeal began to offer clients fractional investing in music.
UMG and OpenDeal notified the US District Court for the Southern District of New York on Friday (December 13) that they had reached a settlement in principle
Terms of the agreement were not disclosed. Judge Jessica Clarke gave the parties a window of 60 days to refile the case, if the terms of the agreement are not met.
UMG Recordings, on behalf of its label Republic Records, sued OpenDeal in 2021, shortly after OpenDeal began marketing a new investment product allowing retail investors to buy shares in music assets.
In its original complaint, which can be read in full here, UMG said it didn’t have a problem with OpenDeal using the Republic name to trade in investment services – but not when it engages in activities in the music industry. In 2022, UMG amended the complaint to add Opulous as a defendant. The blockchain company partnered with OpenDeal/Republic on the fractional music investment product.
