TORONTO, September 29, 2017 /PRNewswire/ --
Spin Master Corp. (TSX:TOY) (www.spinmaster.com), a leading global children's entertainment company, has entered into a Stipulated Final Judgment Upon Consent and Confidential Settlement Agreement and Release, with Maxima Wearable Tech and Michael Sultan, who sold toy products under the name 'Fuzzy Wonderz'.
Judge Rakoff, of the United States District Court for the Southern District of New York, recently approved and ordered the Stipulated Final Judgment Upon Consent, which, among other things, permanently enjoins Maxima Wearable Tech and Michael Sultan, along with anyone acting in concert or participation with them, from selling the Fuzzy Wonderz toy product or any other products that infringe any of Spin Master's two utility patents relating to the Hatchimals® toy product.
Through the Stipulated Final Judgment Upon Consent, Maxima Wearable Tech and Michael Sultan have also recognized the validity and enforceability of Spin Master's aforementioned patents. The Stipulated Final Judgment Upon Consent and Confidential Settlement Agreement and Release serve to fully resolve the dispute between the parties, and the lawsuit resulting therefrom (Civil Action No. 17-cv-5422-JSR, Spin Master Ltd. v. Maxima Wearable Tech, et al.), which stemmed from Spin Master's allegations that Maxima Wearable Tech and Michael Sultan's sale of the Fuzzy Wonder product infringed Spin Master's patents, and the manner in which they promoted the same, constituted unfair competition and false advertising.
Spin Master's Global President and COO Ben Gadbois stated, "Innovation is one of Spin Master's core competencies. The Hatchimals® line of toys has quickly become one of our most successful global brands, and we believe this is in no small part due to the innovation and ingenuity of the unique technology in the Hatchimals® products." Spin Master's General Counsel Christopher Harrs added, "We value our intellectual property and will always do what we need to, to protect our intellectual property rights and the leading-edge brands and products we have brought to the marketplace."
About Spin Master
Spin Master (TSX:TOY) (www.spinmaster.com) is a leading global children's entertainment company that creates, designs, manufactures, licenses and markets a diversified portfolio of innovative toys, games, products and entertainment properties. Spin Master is best known for award-winning brands including Zoomer®, Bakugan®, Meccano®, and 2017 Toys of the Year, Hatchimals®, Air Hogs® and PAW Patrol®. Since 2005, Spin Master has received 82 TIA Toy of The Year (TOTY) nominations with 21 wins across a variety of product categories, including 13 TOTY nominations for Innovative Toy of the Year, more than any of its competitors. To date, Spin Master has produced six television series, including 2007 success Bakugan Battle Brawlers and current hit PAW Patrol, which is broadcast in over 160 countries and territories globally. Spin Master employs over 1,500 people globally with offices in Canada, United States, Mexico, France, Italy, United Kingdom, Slovakia, Poland, Germany, Sweden, the Netherlands, China, Hong Kong, Japan, Vietnam and Australia.
Global Marketing Communications
SOURCE Spin Master