Zip (ASX:ZIP) plans to seek special leave to appeal a Federal Court ruling in favor of mortgage lender Firstmac, regarding a trademark infringement claim, according to a Wednesday filing with the Australian bourse.
Firstmac claimed that Zip and its unit, Zipmoney Payments, infringed on Firstmac's 'ZIP' trademark, which is registered for financial services related to loans.
The case, ongoing since 2019, saw Zip initially defend the claim, but the court's recent decision reversed that outcome, the filing said.
Zip confirmed that the ruling does not affect its Australian, US, or New Zealand operations.
The company will pursue the appeal once final orders are issued, the filing added.
Shares of the company fell 5% in recent Wednesday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.