Ryder Lipps, along with Jeremy Cayenne, also known as Pauly0x, had hoped to settle a lawsuit they filed against NFT company Yuga Labs for $100 billion.
Instead, following a final ruling in the case by U.S. District Judge John F. Walter, Mr. Lipps and Mr. Cayenne will pay Yuga Labs nearly $9 million in disgorgement, fines, attorney’s fees, and other costs. It will have to be done.
A federal judge ruled in favor of Yuga Labs in October 2023 in the company’s long-running dispute against Ryder Lipps and Jeremy Cayenne, creators of “counterfeit” RR/BAYC collections. Was. However, the final penalty of $8.9 million, including nearly $7 million in attorney fees, was determined only in this recent situation. motion.
As part of the ruling, Lipps and Kayen must surrender their NFTs and transfer the infringing intellectual property, including domain names and smart contracts, to Yuga Labs within the next two weeks.
Yuga Lab and attorneys for Lipps and Kayen could not immediately be reached for comment.
Correction: A previous version incorrectly characterized this lawsuit as a copyright dispute.
Disclaimer: The Block is an independent media outlet that delivers news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in: Other companies In the crypto space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block remains independently operated to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
