Italian firearms manufacturer Fabbrica d'Armi Pietro Beretta S.p.A., manufacturer of the well-known Beretta firearms, has settled its lawsuit against General Motors for trademark infringement involving Cheverolet's "Beretta" automobile.
Beretta filed suit last July for "substantial damages and injunctive relief" after negotiations broke down with the auto giant concerning GM's use of the Beretta name.The settlement calls for GM to make a $500,000 contribution to the Beretta Foundation for Cancer Research, in addition to paying legal and administrative fees associated with the litigation. The Beretta Foundation was established by the Beretta Co. as part of the prestigious Ludwig Institute in Bern, Switzerland.
A formal license agreement will be signed by principals of the two companies in a public ceremony in Italy this spring.
Roger Smith, chairman of the GM board and Pier Giusseppe Beretta, president of Fabbrica d'Armi Peitro Beretta S.p.A., will participate in the ceremony, which will include an exchange of products manufactured by the two companies.
"We believe that this settlement provides an adequate, conciliatory resolution to both parties of the litigation. The settlement preserves Beretta's rights in the name and publicly acknowledges the trademark's distinctiveness and value," a Beretta spokesman said.