Intellectual Property Law

Washington Mutual Continues to Protect Its Trademark Rights

By Michael Atkins

The Seattle Times ran a story today on Washington Mutual’s efforts to protect its trademark rights.

The failed bank reportedly still uses a number of marks in Canada and Mexico.

The story says that WaMu continues to prosecute applications to register THE CARD THAT REWARDS YOU AND YOUR PET; YOUR PET. YOUR CARD. PERFECT TOGETHER.; and WHOO HOO.

WaMu also has opposed a Florida bank’s application to register SIMPLIFY BANKING. MAGNIFY LIFE. on claim that the mark is confusingly similar with WaMu’s prior mark, SIMPLER BANKING. MORE SMILES.

“I guess attorneys need to create work,” the Florida bank’s CEO reportedly said.

WaMu says it has the bankruptcy court’s permission “to protect and maximize the value” of its assets, “including its valuable intellectual property, to benefit the company’s bankruptcy estate and its creditors.”

The bank reportedly told the bankruptcy court it expects to obtain less than $1.5M in value for its “non-core” trademarks and domain names that do not mention Washington Mutual or its “WaMu” nickname.

The article invites criticism of what must look like throwing good money after bad. 

But if there’s value in WaMu’s trademarks, domain names, and other intellectual property, paying lawyers to preserve that value for the benefit of the bank’s creditors makes good sense — even if it costs $30k per month to do so (the amount the bank reportedly paid its intellectual property lawyers for such work in January).

Of course, if WaMu stopped using the marks when it stopped functioning as a bank — and did not intend to resume use —  then the marks would be deemed abandoned and wouldn’t have any value at all.

Full post as published by Seattle Trademark Lawyer on March 22, 2010 (boomark / email).