American Century Investments
has settled a lawsuit against American Century Mortgage Corp., a fellow Kansas City company, for trademark-infringement, reports the Kansas City Business Journal
. As a result of the suit, ACMC will have to change its name.
The fund firm filed the suit in September, after several cease-and-desist letters elicited no response from the company.
"It's plausible that somebody might think that an asset manager might also be in the mortgage loan business. That's why we're pursuing this," American Century Investments spokesman Chris Doyle told the Business Journal
. "We're a prominent name in the community, and we think there's a strong possibility that somebody might mistake the two of us," said Doyle.
ACMC registered its name in 2002, while American Century Investments registered its name in 1995.
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