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World Gold Trust Serv. LLC v. GoldCoin Developers Group LP

Plaintiff Entitled to Liquidated Damages and Equitable Relief Under Settlement Agreement

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MEMORANDUM OPINION AND ORDER The plaintiff, World Gold Trust Services, LLC, brings this action for trademark violations, and for breach of a settlement agreement that the plaintiff and the defendants, GoldCoin Developers Group LP and Gregory Matthews, entered into to resolve a previous lawsuit for those same violations. Compl., ECF No. 11. On October 26, 2020, the Clerk of Court entered a default against the defendants after they failed to respond to the complaint. ECF No. 22. The plaintiff then moved by order to show cause for a default judgment, ECF No. 38, against the defendants, and the defendants failed to respond to that order. The plaintiff now seeks a judgment on its claim for breach of contract including both liquidated damages and equitable relief. For the following reasons, the plaintiff’s motion is granted. I. Background The plaintiff holds the trademark “GLD,” covering “financial services in the nature of an investment security, namely, offers for undivided shares of trust assts, namely, gold bullion.” Compl. 13. The plaintiff uses “GLD” in connection with a gold-backed exchange-traded fund (“ETF”). Id. 8. The defendants, GoldCoin Developers Group LP and its founder Gregory Matthews, launched a cryptocurrency called GoldCoin. Id.

18-19. They also used the acronym “GLD” in connection with their product. Id. 23. In 2018, the plaintiff brought suit against the defendants alleging trademark violations. Id. 56. The parties settled the dispute, signing an agreement in which the defendants agreed to cease using the mark and take certain steps to mitigate the confusion caused by its use of the mark (the “Settlement Agreement”). Id.

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