It seems that the $2.5 billion dollar lawsuit brought against MonaVie by Imagenetix has been dropped.
According to sources form MonaVie, the two companies have reached and agreement on the trademark infringement issue and Imagenetix has agreed to dismiss the suit. MonaVie put out a press release late yesterday afternoon announcing the development.
The case brought to a California court by Imagenetix claimed that MonaVie made false claims that their products contained Celadrin, a nutritional formula patented and sold in retail stores solely by Imagenetix.
“We are pleased to have reached an agreement with Imagenetix and to move forward focusing on our great products,” said Dallin Larsen, MonaVie founder and president. “As has always been the case, MonaVie is committed to conducting business with the utmost regard for integrity and moral principles.”
No word on what the actual agreement is and surprisingly, no word from Imagentix either. With this suit hopefully behind them, MonaVie can now focus its attention towards its expansion into South America during the summer of 2008.
Imagenetix apparently claimed to have a pretty powerful case against MonaVie and was adamant about making them pay for their alleged “scheme and conspiracy,” but it now it seems all is well. Details of the reason for the dismissal of the lawsuit are a bit vague and while it seems nothing official has been released by Imagenetix, we will take MonaVie’s word for it and continue to update you if there are any new developments.
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In my opinion the damage has been done though. It was shown that Monavie was using a trademark for quite sometime that they did not have the permission for or even have the product in the drink. I think it shows the “will do anything” to get distributors. Companies that market based on having a good product or a good system do not need to do schemes like the this to get good customers/distributors.
Comment by John — May 21, 2008 @ 11:44 am