Intellectual property is very important to businesses and entrepreneurs. The property itself can be the basis for a company or an idea that spurs great gains in employment. Intellectual property can be stolen, though, and it's something you have to beware of as a business owner. When it's taken, you're losing money and profits.
You may have read in the news that Guess? is being sued by Georges Marciano, who now claims that his contract with Guess? was breached and that his intellectual property rights were infringed upon. Georges Marciano was the founder of Guess? in the 1980s, but he transferred his shares to his three brothers in 1993. At that time, the right to use his name and the Georges Marciano brand was revoked. All of the trademarks for his branding should have been transferred into his name, but two were missed: The Dominican Republic and Singapore.
Georges Marciano and his brothers, along with Guess? agreed that it would be okay for Georges Marciano's brand and name to be used as he saw fit, because it was legally no longer Guess? property. However, when he tried to register the Royal Navy brand in Canada in 2013, Guess? objected to that registration.
This lawsuit claims that Georges Marciano has suffered damages because of the breaches of contract by guess? and wants the court to agree that Guess? can't stop him from using his name. According to an agreement between all four Marciano brothers and Guess?, they should all be able to use their names together with their own products without any hindrance from Guess.
Source: Jewish Business News, "Guess? Sued By Its Founder For Infringement Of Intellectual Property Rights," Aug. 20, 2015