Two unrelated companies that had been operating under the name Abacus Settlements have reached an agreement under which one will keep its name.
Abacus Settlements LLC, New York, announced the deal under which it will retain that name while a European company that had carried the same name will now operate as European Life Settlements Management. The two companies have no ties to each other.
“This was an unfortunate incident that has been rectified, and we are obviously satisfied with the outcome of this matter,” says Craig Seitel, chief executive officer and founding member of Abacus Settlements.
Titus van Heur, managing director of European Life Settlements Management, Amsterdam, acknowledged that his company’s use of the Abacus name had caused confusion in the market. “Although the services and location do not match, we want to make sure we are building our success on our own strengths and name,” he said.
Abacus first contacted European Life Settlements Management after the European company issued a press release early this year under its former name. On Jan. 14, Abacus sent a demand that European Life Settlements Management cease and desist using the Abacus name, which it said it had trademarked in the U.S. and Europe since 2004. European Life Settlements Management responded by agreeing to the name change.