Ryder Ripps and Jeremy Cahen Ordered to Pay Yuga Labs $9 Million in Lawsuit Settlement
Ryder Ripps and Jeremy Cahen, the creators of the “copycat” RR/BAYC collection, have been ordered by U.S. District Judge John F. Walter to pay NFT company Yuga Labs nearly $9 million in disgorgement of profits, penalties, attorneys’ fees, and other costs. The judgment comes after a long-running dispute between Yuga Labs and Ripps and Cahen. The final penalty sum was determined with a recent motion.
Transfer of Intellectual Property
As part of the settlement, Ripps and Cahen must transfer any infringing intellectual property, including domain names and smart contracts, to Yuga Labs within the next two weeks.
No Immediate Comments from Involved Parties
Yuga Labs and lawyers representing Ripps and Cahen have not provided immediate comments on the judgment.
Hot Take: A Costly Outcome for Ripps and Cahen
The lawsuit settlement between Ryder Ripps, Jeremy Cahen, and Yuga Labs has resulted in a significant financial blow for the former. With a payout of nearly $9 million, including disgorgement of profits, penalties, attorneys’ fees, and other costs, this outcome emphasizes the importance of respecting intellectual property rights in the world of NFTs.
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