Yuga Labs has settled the lawsuit against artist Ryder Ripps and Jeremy Cahen over their alleged copycatting of the non-fungible tokens (NFTs) from the Bored Ape Yacht Club collection.
The agreement ends a two-year dispute over whether the pair’s project, which reused Bored Ape footage, crossed the line from satire to trademark infringement.
Proposed injunctions would permanently ban Ripps and Cahen from using Yuga’s trademarks and images, according to a submit in California federal court. The terms of the settlement were not disclosed.
Yuga’s Bored Ape collection became one of the most recognizable $NFT brands during the peak of the market. The company sued in 2022, claiming that Ripps and Cahen were selling similar tokens in their RR/BAYC $NFT collection and made millions by confusing buyers. The defendants argued that their work was a satirical response to the actual Bored Ape Yacht Club collection.
A district judge initially sided with Yuga and awarded nearly $9 million in damages and fees. But an appeals court later overturned that ruling, saying a jury should decide whether buyers had actually been misled. The settlement avoids that process.