Altruist vs. Altruist: An RIA claims digital custodian violates his trademark

investmentnews.com:

Through successful fundraising, acquisitions and a marketing campaign to lure financial advisors put off by the pending Charles Schwab-TD Ameritrade mega-merger, Altruist has established itself as a significant player on the asset custody market with ambitions to grow even larger.

But it may have to do so under a new name.

Eric Haas, owner of Altruist Financial Advisors — a Holland, Michigan-based registered investment advisor with $250 million in assets under management, according the firm’s most recently filed Form ADV — sued the Los Angeles-based company for infringing on his company’s trademarked name.

The case is currently in discovery and moving forward unimpeded after a February decision from U.S. District Judge Jane Beckering in Grand Rapids, Michigan to deny the defendant’s motion to throw out related claims of counterfeiting and cybersquatting. Court-ordered mediation is scheduled for October.

“The use of the mark by defendants is identical to the registered mark ‘Altruist’ letter for letter,” Judge Beckering said, according to Law360.

Haas is seeking an order that prohibits the Los Angeles-based company from using the Altruist name, gives him ownership of the altruist.com domain name, and delivers compensation for profits made from the violated trademark.  

“Nobody wants to go to trial, ever. It’s just awful for everybody; it’s expensive for everybody,” Haas told InvestmentNews. “I would like to settle this in a mutually beneficial fashion. However, the other side has decided that they didn’t want to do that.”

Haas launched his Altruist in 2001 and in 2003 received a trademark for the name, covering “financial analysis and consultation; financial management; financial planning; financial portfolio management;