Jack Dorsey's Block, formerly Square, is now facing a lawsuit for sporting a similar name and logo with a financial firm, H&R block, after its recent rebranding.
MIAMI, FLORIDA - JUNE 04: Jack Dorsey creator, co-founder, and Chairman of Twitter and co-founder & CEO of Square speaks on stage at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. The crypto conference is expected to draw 50,000 people and runs from Friday, June 4 through June 6th.
Jack Dorsey's Block, Formerly Square, Faces Lawsuit
The financial products and services firm, H&R Block, took the payment firm of Dorsey to the federal court for alleged trademark infringement, as per the report by The Street.
The lawsuit against the payment company of the former CEO of Twitter further asks Block to stop using its name and its "nearly identical" green square logo.
H&R Block further mentioned that the new name and logo of Dorsey's payment firm will "improperly capitalize on the goodwill and consumer trust" that the financial company has worked on since it was founded way back in 1955.
It is worth noting that H&R Block is a firm that assists businesses with their income tax return preparations, among other related services.
As such, the tax preparer issued its concern with regards to the confusion of its customers due to the similarities after the rebranding of Square to Block.
The president and CEO of H&R Block, Jeff Jones, explained in a statement that the "filing is an important effort to prevent consumer confusion."
On top of that, the H&R exec further noted that it is meant to "ensure a competitor cannot leverage the reputation and trust we have built over more than six decades."
The federal lawsuit went on to boldly state that the tax preparer is now "under attack by a Silicon Valley fintech company."
Block vs. H&R Block
The press release of H&R Block further alleged that the Block, Inc. of ex-Twitter CEO "appears to be taking a shortcut to capitalize on the well known Block moniker."
What's more, the complaint added that the payment firm of Dorsey is actually its direct competitor for its financial services.
It comes after Dorsey's firm acquired the Credit Karma Tax, which also goes by the name Cash App Taxes, back in Nov. 2020.
Read Also: Jack Dorsey, Square to Build a Bitcoin Mining System from its Hardware Wallet Model
Square's Rebrand to Block
It has been two weeks since Square has changed its name to Block, and introduced a revamped look for its logo.
According to the news story by Fox Business News, the Twitter co-founder left the social media giant and, later on, renamed his other firm, Square.
The former Twitter exec explained that the rebrand would allow the firm to separate its corporate entity from its business, Square.
Related Article: Twitter Ditches Auto-Cropping Algorithm in Latest Update | Bigger and Better Photos Now on the Timeline
This article is owned by Tech Times
Written by Teejay Boris
Related Article
Jack Dorsey, Square to Build a Bitcoin Mining System from its Hardware Wallet Model
Ex-Twitter CEO Jack Dorsey's Square Changes Name to Block
Jack Dorsey's Block, Formerly Square, Now Allows Sending Crypto or Stock as Gifts
