The CFA Institute is suing the American Retirement Association, claiming that the Certified Plan Fiduciary Advisor designation administered by the National Association of Plan Advisors infringes on the Chartered Financial Analyst designation and the CFA trademark.
CFA Institute filed its complaint Thursday in the U.S. District Court for the Western District of Virginia for trademark infringement, unfair competition and accounting against the American Society of Pension Professionals & Actuaries, NAPA and ARA.
“We were rather surprised to get that news Friday night,” Brian Graff, CEO of ARA, told ThinkAdvisor, BenefitsPRO's sister site, in a Monday morning interview. “Clearly we don't agree that there's confusion, which is why we're surprised.”
Graff explained that ARA filed for a trademark in the U.S. Patent and Trademark Office a couple of years ago for the NAPA designation. “CFA Institute had objected to it. It was before the Administrative Tribunal of the U.S. Patent Office, and we thought that's where it was going to get resolved, and then we were really disappointed that they [CFA Institute] chose to essentially circumvent that process” with a lawsuit.
CFA Institute administers the internationally recognized CFA Program, which is a self-study examination system for investment professionals. “The CFA Program sets the global standard for investment knowledge, standards and ethics, and is highly esteemed worldwide,” the lawsuit states.
“Defendants use and intend to use the Infringing Mark without the authorization of CFA Institute, thereby confusing consumers as to the source of the goods and services and resulting in damage and detriment to CFA Institute and its reputation and goodwill, and harm to its authorized CFA charterholders,” the complaint states.
Graff told ThinkAdvisor that ARA has “never heard” that there's been confusion.
“Consumers are likely to believe mistakenly that defendants are affiliated or connected with, or otherwise authorized or sponsored by CFA Institute,” the lawsuit states. “Thus, defendants' misleading conduct is likely to harm consumers. Defendants' use of the infringing mark is nearly identical to and confusingly similar to CFA Institute's CFA marks in appearance, sound, meaning and commercial impression.”
READ MORE:
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
