CaseWare IDEA Inc. will take action against SEC for infringement of trademark rights

The Securities and Exchange Commission (SEC) last week announced their intention to replace their EDGAR database with an XBRL enabled platform called IDEA, short for Interactive Data Electronic Applications. CaseWare IDEA Inc. a privately held software development and marketing company located in Toronto, Canada claims ownership of the IDEA trademark and said on Wednesday that it will defend it product's name against infringement by the SEC. CaseWare registered the IDEA trademark with the U.S. Patent and Trademark Office in 2001.

In their press release CaseWare IDEA Inc. and CaseWare International Inc. said they are "completely dumbfounded as to why someone at the SEC did not do even the most rudimentary trademark search before announcing such a major project." Trademarks (or brand names) are commercial source indicators. They do not expire. Experts recommend that businesses conduct a trademark search with the U.S. Patent and Trademark Office before naming a new product.

CaseWare also claims that the SEC's use of the same trademark for software directed to the same community will cause confusion in the marketplace. CaseWare's IDEA is sold to accountants and auditors throughout the world as well as to internal and government auditors. In 2004 KPMG signed a vendor partnership with CaseWare to supply 6,000 IDEA licenses to KPMG firms.

The company's Web site says that IDEA can read, display, analyze, manipulate, sample or extract from data files from almost any source - mainframe to PC, including reports printed to a file.

"Despite the daunting prospect of a relatively small company challenging the resources of the SEC," the companies' announcement said, "we are taking the necessary steps to defend our trademark and the considerable investment we have made in it."

You may like these other stories...

There’s a way for investors to brave the world beyond stocks and bonds of a traditional Individual retirement arrangement (IRA) and venture into real estate, tax liens, unregistered securities and so on. Their avenue...
KPMG LLP has agreed to shell out $8.2 million to settle charges from the US Securities and Exchange Commission (SEC), which found that the Big Four firm violated auditor independence rules by providing certain nonaudit...
By Jason Bramwell, Staff WriterJuly 1, 2014, is the date when the first set of municipal advisors will be required to register under new rules the US Securities and Exchange Commission (SEC) finalized last year.The SEC...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.