Mayfair 101 has agreed to cease using the brand name Mayfair Platinum to settle a trade mark dispute brought by ASX-listed fund manager Platinum Asset Management.
Billionaire Kerr Neilson’s Platinum Asset Management hit Mayfair 101 with a lawsuit in November for allegedly violating its many registered platinum trade marks. Mayfair filed cross claims in January.
Mayfair agreed to settle the lawsuit despite maintaining that platinum is a generic word and should not be afforded trade mark protection.
Under the terms of the settlement agreement announced Tuesday, Mayfair will stop using the names Mayfair Platinum or Platinum in relation to its services beginning June 30, with the company’s investors to then become clients of Mayfair 101. It will also shut down the Mayfair Platinum website.
“We have held the strong view that ‘platinum’ is a descriptive wordand should never have been allowed to be trademarked,” a Mayfair spokesperson said.
“That said, Platinum Asset Management holdsa leading position in the funds management industry in Australia and we are respectful of the work Kerr Neilson and his team have put into developing their brand.”
Mayfair group managing director James Mawhinney said the company was pleased to put the matter behind it.
“Mayfair 101 Group aspires to represent the new generation of investing however that means we must also be mindful of those who have staked out their territory before us.”
“We are glad to put this matter behind us and wish Platinum continued success with their brand.”
Lawyerly has reached out to Platinum for comment on the settlement.
Platinum Asset Management is represented by Allens. Mayfair is represented by Kelly Hazell Quill Lawyers.
The case is Platinum Investment Management Limited v Mayfair Wealth Partners Pty Ltd.