Categories: Broker News

eToro Hit With a Copyright Infringement Claim

eToro, a multi-asset trading service provider, seems to have broken a copyright law. Handsome Music has filed a document to the United States District Court for the Central District of California, claiming the illegal use of one of their songs. The composition in question is Long Gaze, and eToro looks to have used it in one of their advertisements without adequate permission.

Traders that frequent YouTube are likely to have seen the ad and even recognized the familiar face of Alec Baldwin. The prominent actor stars in the advertisement, which serves as a showcase of eToro’s new mobile trading app. It seems, however, that the marketing department invested too much in the actor and not enough in the music.

The song playing over the commercial, which aired late October last year, is a copyrighted piece of work.

eToro attained the rights to use the piece in November. However, the registration seems to have only lasted until the 17th of March 2020.

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Whether that was an intentional infringement or a mishandling of the situation, it stands to cost the broker. Namely, Handsome Music is asking for all attorney fees, and more importantly, all profits associated with the infringement. As the song was used as a marketing tool, the exact portion of profit remains unclear. In similar cases, however, the ones breaking copyright law had to pay hefty sums.

Handsome Music also believes that, unless court action says otherwise, eToro will keep infringing their rights. Some have commented, stating that what the music firm is trying to do is a simple money-grab. However, the company doesn’t seem to be backing down at all.

The advertisement, dubbed “Too Busy to Trade on Your Own? Discover Copy Trading on eToro” has raked in over two million YouTube views. eToro has yet to give out any official comments on the situation.

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