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Zip Says High Court Rules It Must Stop Using Zip Trademark in Australia, Shares Down 7%

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Zip (ASX:ZIP) said the High Court of Australia has delivered judgment in trade mark infringement proceedings brought by Firstmac, requiring Zip and its units to cease using the Zip trademark in Australia in relation to its products and services within 28 days, according to a Wednesday Australian bourse filing.

The company said the decision does not impact its US business, which represents about 80% of divisional cash earnings, or its New Zealand business, with no change in the use of the Zip brand by either business, the filing added.

Firstmac is a private non-bank Australian lender that offers a product named ZIP Home Loan, the loan provider's website showed.

The company's shares fell 7% in recent Wednesday trade.

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