Speed Racer Enterprises, Inc., was recently sued by Tatsunoko Production, an anime studio. The lawsuit was filed in October 2012 in the Central District Court in California and alleges nine different legal causes, for which the company is seeking damages. Those include misappropriation and interference of intellectual property rights, unfair competition and false advertising.

The licensing lawsuit has now been settled. The lawsuit alleged that in 2000, Speed Racer Enterprises was given a 10-year license to “Mach Go Go Go.” The license for source material for “Speed” was extended in 2010 for another year. Two of the three defendants named in the suit used that license to produce the animated “Speed Racer: The Next Generation” series.That anime series aired on Nicktoon. There was also a movie, “Speed Racer,” that was produced independently and was live-action, not anime.

The settlement gives the intellectual property rights to “Speed Racer” back to Tatsunoko. This includes all worldwide rights and means that any rights to it ended the end of May 2011.

Tatsunoko claimed in the lawsuit that Speed Racer Enterprises licensed the rights to several companies, including Toonz Entertainment and Lions Gate, a studio out of Hollywood. The settlement means that the lawsuit has now been completely dismissed.

Intellectual property disputes are very complex and can often require months of legal wrangling. An experienced business law attorney is your best chance at protecting what is rightfully yours and seeking damages to compensate you for someone illegally using your property. An attorney will ensure that your company’s interests or your individual interests are protected now and in the future.

Source: crunchyroll.com, ““Speed Racer” Licensing Lawsuits Settled” Scott Green, Jan. 02, 2014