Ripple Labs Inc. is now being sued within an Australian court for allegedly infringing a trademark that belonged to several native banks. A lawsuit filed by the NPPA [New Payments Platform Australia], a venture between the Reserve Bank of Australia as well as the other 13 domestic banks, claims that Ripple used its PayID brand.
NPPA has been serving for over two years, assisting to facilitate swift payments across 68 Mln Australian bank accounts.. Ripple, issuers of the XRP cryptocurrency, launched its cross-border payments service, also called PayID, earlier in the month of June, in partnership with 40 other businesses.
In line with a recent report by the native reporting media ‘The Age’, NPPA is seeking both damages and a final injunction preventing Ripple from proceeding with the PayID brand in Australia. The payments platform alleges that the American cryptocurrency firm lifted its registered trademark to offer closely related services.
Ripple has provisionally agreed to geoblock its service from Australia, in a primary hearing at the country’s court within this week, the report added.
“Ripple’s service is clearly offered under a mark that’s substantially identical with or deceptively almost like the NPPA PayID registered trademark & in reference to the same or similar services,” NPPA added within its lawsuit.
The banks, that include ANZ, Westpac and NAB, claim Ripple’s PayID service infringes the native Trademarks Act. They assert it “constitutes misleading and deceptive behavior” under Australian Consumer Law as well as the Australian Securities and Investment Commissions Act.
NPPA added that the service could “irrevocably damage” its brand. It alleges Ripple’s PayID might also be employed to facilitate illicit activities “such as money laundering, terrorist funding along with human rights abuse”.