April 8, 2002
As reported in The New York Law Journal, Kelley Drye represented the New York Stock Exchange in an appeal in which the Second Circuit ruled in favor of reversing a summary judgment previously granted in favor of defendant New York, New York Hotel & Casino. The NYSE’s appeal was handled by Intellectual Property Practice Group Chair William Golden.
The defendant operates a theme casino in Las Vegas featuring a replica of the NYSE façade, and uses modified versions of the NYSE’s trademarks, including the term "New York Slot Exchange" on slot machines as part of an alleged parody. In reinstating federal and New York state dilution claims for tarnishment, Judge Winter found that "the Casino’s use of the modified NYSE marks might well be viewed at the very least as drawing an analogy, albeit humorous, between its business and that of the NYSE." Any such analogy to the casino’s activities "deemed by many to involve odds stacked heavily in favor of the house – would injure NYSE’s reputation," according to the Court’s decision.