Olshan Achieves Major Litigation Victory for Client Now-Casting Economics Ltd. Regarding the Use of the Term “Nowcast”
Olshan client, Now-Casting Economics Ltd., a London-based company offering economic prediction services, had been involved in a 6-year hard-fought battle against Economic Alchemy LLC, a company offering similar services. The dispute revolved around the use of the term NOWCAST, which Economic Alchemy claimed to own as a trademark and accused Now-Casting Economics Ltd. of infringement. A “nowcast” in economics is a prediction of a current economic condition and is thus incapable of achieving trademark protection for providing such services. Had Economic Alchemy won the case, it could have had a stifling effect in the economic world as Economic Alchemy could have prevented not only Now-Casting Economics but anyone else besides Economic Alchemy from creating nowcasts and calling them nowcasts. Olshan opposed the registration of Economic Alchemy’s applications to register the term NOWCAST for economic prediction services in the US Patent and Trademark Office, and in 2018 filed a Declaratory Judgment action in SDNY seeking a declaration of non-infringement. Economic Alchemy filed counterclaims for trademark infringement and unfair competition. Olshan made a motion for summary judgment on all the issues presented in the case, which was granted in its entirety by Judge Cronan in the Southern District of New York on September 15, 2022. The Olshan team was led by Olshan Intellectual Property/Brand Management and Protection partner Mary Grieco and included: Intellectual Property/Brand Management and Protection: Morgan Spina; Litigation: Kyle Bisceglie, Brian Katz, and Katherine Mateo.
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