On April 25, purchasers of Nike non-fungible tokens (NFTs) filed a class action complaint in the US District Court for the Eastern District of New York against the sportswear giant alleging that the December 2024 shutdown of...more
This public offering purportedly raised approximately $8.2 million from investors to finance Stoner Cats, an adult animated television show featuring house cats that gain sentience after exposure to their owner’s medical...more
10/2/2023
/ Cease and Desist Orders ,
Compensation ,
Enforcement ,
Initial Public Offering (IPO) ,
Investors ,
Non-Fungible Tokens (NFTs) ,
Royalties ,
Securities ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Unregistered Securities
On August 4, 2023, celebrity singer Austin Mahone entered into a settlement agreement with the US Securities and Exchange Commission (SEC) after being sued in the US District Court for the Southern District of New York (SDNY)...more
8/28/2023
/ Advertising ,
Celebrity Endorsements ,
Cryptoassets ,
Digital Assets ,
Disgorgement ,
Endorsements ,
Federal Trade Commission (FTC) ,
FTC Act ,
FTC Endorsement Guidelines ,
Non-Fungible Tokens (NFTs) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Settlement
1. Consumer Law Reforms -
2023 will see an increase in class action lawsuits targeting per- and poly-fluoroalkyl substances (PFAS) in consumer products as more PFAS-limiting laws go into effect. Specifically, we expect food...more
4/4/2023
/ Artificial Intelligence ,
Automatic Renewals ,
Cryptoassets ,
Fake Reviews ,
Federal Trade Commission (FTC) ,
Influencers ,
Non-Fungible Tokens (NFTs) ,
PFAS ,
Popular ,
Privacy Laws ,
Product Packaging ,
Proposition 65 ,
ROSCA ,
Subscription Services ,
Toxic Chemicals ,
Unfair or Deceptive Trade Practices
On the heels of recent legal setbacks and challenges for NFT collections offered by Dapper Labs and DraftKings, the New York Attorney General (NYAG) filed suit in New York state court against the parent companies of...more
On March 9, 2023, a putative class action was filed against DraftKings Inc. for alleged violations of federal securities laws in the US District Court for the District of Massachusetts. The class, if certified, will include...more
On February 22, 2023, the United States District Court for the Southern District of New York, in a 64-page opinion, denied a motion to dismiss filed by Dapper Labs, Inc., the developer behind the NBA Top Shot NFT platform,...more
Courts across the United States are grappling with the application of traditional legal principles to "Web3” technologies and tools, such as blockchain, NFTs, and decentralized autonomous organizations (DAOs).
Among other...more
With the start of the new year, the ArentFox Schiff Metaverse Industry team reviews 10 of the most pressing legal issues for companies in 2023....more
1/31/2023
/ Blockchain ,
CFTC ,
Class Action ,
Compliance ,
Customer-Loyalty Programs ,
Data Privacy ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
DMCA ,
Enforcement ,
Federal Trade Commission (FTC) ,
ICANN ,
Metaverse ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Professional Development ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
A dispute between luxury fashion brand Hermès and digital artist Mason Rothschild over Hermès’ alleged trademark rights relating to the Hermès’ Birkin handbag is making waves as a New York federal judge has denied...more
The Metaverse is a minefield for intellectual property (IP) owners. Many of the threats to IP will be familiar — such as unauthorized use of trademarks, copying of content, and misuse of name/image/likeness. However, the best...more
Four days after FTX, once the world’s third-largest crypto exchange, filed for voluntary Chapter 11 bankruptcy, former FTX investors filed a class action against 11 athletes and celebrities who promoted FTX in advertisements...more
In this Fashion Counsel video, Anthony Lupo and Dan Jasnow break down what e-commerce will look like as the metaverse continues to evolve.
NFTs are only just a small piece of the puzzle as companies strive toward merging the...more
The US Securities and Exchange Commission (SEC) has filed an enforcement action against crypto influencer Ian Balina in the Western District of Texas alleging that he promoted unregistered securities in connection with the...more
10/13/2022
/ Bitcoin ,
Blockchain ,
Civil Monetary Penalty ,
Corporate Counsel ,
Cryptoassets ,
Digital Assets ,
Ethereum ,
Initial Coin Offering (ICOs) ,
Initial Public Offering (IPO) ,
Jurisdiction ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Securities ,
Securities and Exchange Commission (SEC)
On May 13, 2022, a Singaporean man won a worldwide injunction prohibiting the transfer of ownership of a Non-Fungible Token (NFT) at the center of a dispute between him and an online persona with the screen name of...more
The metaverse is widely regarded as the next frontier in digital commerce, with businesses across industries spending millions of dollars buying digital real estate and investing in platforms to be market leaders. Alcohol...more
4/29/2022
/ Advertising ,
Compliance ,
E-Commerce ,
Enforcement ,
Labeling ,
Licensing Rules ,
Metaverse ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Sponsorship Agreements ,
Underage Drinking ,
Wine & Alcohol
Non-Fungible Trademark Infringement or Nominative Fair Use Token? Nike -v- StockX Duel Is on Pace To Shape the Future of the Metaverse
Nike, Inc. has filed a federal complaint against StockX, LLC, an online resale...more