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It is never a prudent idea to use a name and coloring scheme that is similar to a business in a related market, especially if that business is the Fortune 500 company Prudential Insurance.
The New Jersey-based financial giant recently sued Philadelphia-based Prudential Bank for trademark infringement and unfair competition, claiming that the bank’s recent name change is causing customer confusion. The company, which sells a range of financial products in addition to selling insurance, filed its lawsuit against Prudential Bank Tuesday in the U.S. District Court for the District of New Jersey.
Specifically, the lawsuit alleges that the bank’s decision to change its name from Prudential Savings Bank to Prudential Bank and to use white and blue coloring for its web page “willfully infringed” on the insurance giant’s trademark branding.