Fast food chain Jack in the Box and Sam Bankman-Fried’s crypto exchange FTX US have settled their feud over the similarities between their respective balloon-headed mascots, reports Law360.
Jack in the Box had claimed the crypto exchange swiped the design of its “Jack” figurehead to create “Moon Man,” which FTX used in its own TV commercials and advertising.
Jack in the Box’s Jack was born 70 years ago and his freakish head has been a staple of Jack in the Box TV ads since 1995.
Moon Man, on the other hand, emerged just last year to promote FTX’s sponsorship deal with Major League Baseball.
According to Jack-in-the-Box’s initial complaint filed last November, FTX “brazenly and illegally” copied its intellectual property: Jack’s round head, bulbous nose, and “curvy” smile.
Moon Man’s human torso was also a problem.
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Jack in the Box said that Moon Man had not only tarnished Jack’s reputation but was largely responsible for making Bankman-Fried one of the richest people in crypto.
Bankman-Fried, FTX’s 29-year-old founder, has amassed a $26.5 billion fortune, according to Forbes. Jack in the Box labeled Bankman-Fried’s crypto ventures “speculative and opportunistic.”
As a result, the San Diego-headquartered burgermeisters had sought unspecified damages for seven causes of action including unfair competition, trademark infringement, and trademark dilution.
In court documents, Jack in the Box (JITB) said (via Law360):
“Rather than spending its vast financial resources to develop its own intellectual property, FTX brazenly and illegally copied or derived its ‘Moon Man’ mascot from JITB’s ‘Jack.'”
It’s unclear what changed Jack in the Box’s mind. Exact details of the settlement aren’t available but both sides informed the court they’ve resolved all claims.
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