Posts Tagged: "Calibra"

Facebook Sued by FinTech Company Over Calibra Logo

Facebook is being sued by online banking company, Finco Services, Inc., which operates as Current, for trademark infringement, unfair competition, and false designation of origin relating to Facebook’s controversial subsidiary, Calibra, which plans to launch the digital currency Libra by 2020. Current’s complaint, filed in the U.S. District Court for the Southern District of New York on October 10, says that the company hired Character, a branding and design agency, in 2016 to develop a logo and branding strategy for Current’s banking services and mobile app. The resulting logo, and iterations thereof, have been used by the company since at least as early as 2016.

Big Tech Under Fire in Congress

A hearing of the House Subcommittee on Antitrust, Commercial, and Administrative Law held yesterday examined whether big tech companies—Amazon, Google, Facebook, and Apple—are becoming too powerful and deterring innovation. In “Online Platforms and Market Power, Part 2: Innovation and Entrepreneurship,” Subcommittee Chair, Representative David Cicilline (D-RI), said that Google controls search, Amazon controls nearly half of all online U.S. commerce, Facebook captures over 80% of global social media revenue, and Apple has total power over their customers’ devices. In his opening statement, Cicilline took issue with the 30% commission Apple charges on every developer sale in the first year, and 15% thereafter, pointing to this year’s Supreme Court decision in Apple v. Pepper which held that iPhone owners can sue Apple for monopolizing the retail market for the sale of apps, thereby raising prices for consumers. “A former Apple executive who oversaw app store approvals for seven years has also described Apple as having ‘complete and unprecedented power over their customers’ devices and using this power as a weapon against competitors,’” Cicilline said.