Block Inc, beforehand known as Square Inc, was sued by tax preparation firm H&R Block Inc for trademark infringement.
H&R Block mentioned in a press launch that the fintech firm “would improperly capitalize on the goodwill and consumer trust cultivated by Block since 1955”.
H&R Block is looking for a courtroom order barring Block from utilizing the identify or inexperienced sq. brand.
According to H&R Block, the similarity in names could be overly complicated for shoppers, particularly given the 2 firms’ overlapping choices.
H&R Block additionally acknowledged that the corporate previously referred to as Square, competes with it immediately in monetary providers, together with by means of its current acquisition of Credit Karma Tax for tax preparation.
“Today’s filing is an important effort to prevent consumer confusion and ensure a competitor cannot leverage the reputation and trust we have built over more than six decades,” mentioned H&R Block President and CEO Jeff Jones mentioned in a press release.
While Block’s chief govt, Twitter Inc co-founder Jack Dorsey, mentioned that the intention behind the identify change earlier this month was a technique to increase past its fee service into new areas, together with blockchain.
H&R Block filed their grievance in Kansas City, Missouri, federal courtroom.
H&R additionally identified of their grievance that it has referred to itself merely as “Block” in some ads since 2015. Hence, doubtlessly resulting in confusion for shoppers because of the similarity in identify.
Blockchain.News reported on Dec 15 that this vacation season, Block owned Cash App customers will be capable of reward each crypto and inventory to different customers of the app.
The app joins different providers like Stockpile, PayPal and Coinbase in permitting customers to reward shares and cryptocurrencies to 3rd events, respectively, however Cash App notes that is the primary time such options have been supplied in a peer-to-peer funds app.
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