Bloomberg withdraws lawsuit against China’s Da Zhi Hui
Bloomberg has withdrawn its lawsuit against rival Da Zhi Hui after the Chines company changed its product design to limit its similarities to the Bloomberg terminal, the global information provider said in a statement.
“After we filed suit, Da Zhi Hui made certain changes to those elements, thereby limiting the risk that consumers would confuse the two products. As a result of those changes, Bloomberg agreed to withdraw the complaint since our objectives have been met,” the New York-based financial information provider said in a statement.
Bloomberg, which gets most of its revenue by selling its terminal, filed a lawsuit against Chinese firm Da Zhi Hui in Shanghai in December 2011, accusing Da Zhi Hui of unfair competition and copying certain “distinctive aspects” of the US firm. That includes similarities in the look of the monitors, keyboards and screen displays, it said.
“We believe this result is a positive step in ensuring fair competition in the Chinese market, and we remain committed, as always, to defending our intellectual property around the world,” Bloomberg said in the statement.
In a press release issued by Da Zhi Hui seen by SCMP.com, the company said it “welcomed” Bloomberg’s decision to withdraw the suit. Yet it maintained that it “has never” infringed the product trade dress and caused unfair competition.
The company said it would reserve the right to file a lawsuit against Bloomberg for the negative impact of the information that Bloomberg has spread during and after the lawsuit.
Bloomberg currently has more than 315,000 subscribers in 174 countries, according to its website.