A district court in Madrid has overturned a Spanish arbitration panel’s ruling that required Puma AG pay its Spanish licensee €98 million, Puma announced. Puma said it is therefore no longer obliged to pay the sum. The verdict was reached on June 14.
Puma had appealed the arbitration ruling, which required it pay its former Spanish licensee and holder Estudio 2000 S.A. for its remaining trademark rights in Spain.
The ruling by the District Court of Madrid is totally in line with what we had anticipated and frees us from the payment of €98 million for the vesting of Puma trademark rights, said Jochen Zeitz, Chairman and CEO of Puma AG. We will now make full use of all the options available to us to secure all Puma trademark rights in Spain.
