CEO DATELINE — Association v. association in trademark lawsuit
CEO DATELINE — Association v. association in trademark lawsuit
- February 27, 2019 |
-
WILLIAM EHART
Consider joining CEO Update. Membership gives full access to the latest intelligence on association management, career advancement, compensation trends and networking events, as well as hundreds of listings for senior-level association jobs.
The CFA Institute is suing the American Retirement Association and two of its constituent groups for allegedly infringing on its trademarks.
The Charlottesville, Va.-based CFA Institute claims the Certified Plan Fiduciary Advisor (CPFA) designation infringes on its own Chartered Financial Analyst designation and its CFA trademark. The CPFA designation was introduced in 2015 by the National Association of Plan Advisors, a group within ARA.
CFA Institute filed its complaint Feb. 21 in U.S. District Court for the Western District of Virginia for trademark infringement, unfair competition and accounting against NAPA, ARA, and the American Society of Pension Professionals & Actuaries, another constituent organization of ARA.
"The CFA Program sets the global standard for investment knowledge, standards and ethics, and is highly esteemed worldwide," the lawsuit states.
"Defendants use and intend to use the Infringing Mark without the authorization of CFA Institute, thereby confusing consumers as to the source of the goods and services and resulting in damage and detriment to CFA Institute and its reputation and goodwill, and harm to its authorized CFA charterholders," the complaint states.
Brian Graff, CEO of Arlington, Va.-based ARA, told financial adviser news site ThinkAdvisor his group was surprised by the suit.
"Clearly we don't agree that there's confusion," he said.
ARA said in a statement provided to news site Financial Advisor IQ that it "vigorously disagrees" with CFA Institute's claim that its designation could cause confusion. The group said that the CPFA only is for advisers of workplace retirement plans.
Chartered financial analysts are typically securities analysts, investment bankers and portfolio managers for financial institutions. The designation goes back decades. Membership in the CFA Institute is a requirement for holding it.
MORE CEO DATELINE
- Medical groups band together against Medicare for all
- Bryce Harlow Foundation honors Donna Harman
- ATM association endorses ban on 'cashless' retailing
- Airline associations say members will expand gender options for passenger bookings
- Entomological society on ‘insect apocalypse': Don't panic just yet