Fintech giants BharatPe group and PhonePe group have amicably settled the long drawn legal disputes related to the use of the trademark with the suffix ‘Pe' on May 26.
Subsequently, both the parties have taken steps to withdraw all the oppositions against each other in the trademark registry, according to a press release. This will help them to register for their respective marks.
Both organizations will also take other necessary steps to fulfil the obligations under the settlement agreement in respect of all cases before the Delhi High Court and the Bombay High Court, it said.
The fintech companies were involved in legal disputes across multiple courts, from past five years. The settlement will put an end to all open judicial proceedings.
The move to settle all the legal disputes is a positive development for the industry, said Rajnish Kumar, chairman of the board at BharatPe.
"I appreciate the maturity and professionalism shown by the Management of both sides, working closely to resolve all outstanding legal issues and moving ahead to focus their energy and resources in building robust digital payment ecosystems," he said.
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