Trader Joe’s, the popular US grocery chain, has initiated legal action against the blockchain-based crypto project called Traderium. According to a source close to the case, the San Francisco-based company is claiming trademark infringement.
The lawsuit claims that the company has created confusion due to the similarity between its name and the cryptocurrency project’s. The claim further adds that users could mistakenly believe that Trader Joe’s is associated with the project, thereby leading to “substantial and irreparable damage, economic loss, and injury.”
The lawsuit filed earlier this month in the California Central District Court seeks damages from the crypto company, including an injunction restraining the company from utilizing the word or a confusing name. It also seeks monetary damages and attorneys’ fees.
Sources close to the case suggest that the company has been in the market for several years and has been steadily gaining traction as a legitimate cryptocurrency project. Meanwhile, the lawsuit comes as a surprise as it is rare for a large retail chain of Trader Joe’s to engage in legal action against a blockchain or crypto project.
The matter is still being investigated and no comment has been made by either party. We will continue to bring you updates, as the case progresses.