MAY 31 2016
COAST SUES COAST FOR OVER $3 MILLION IN DAMAGES IN AUTO-FINANCING CASE TO PROTECT ITS VALAUBLE COAST BRAND
Leading Auto Financial Services Provider Seeks to Protect Customers and Prevent Confusion
LOS ANGELES, CA – Coast Acceptance Corp (“Coast”) a leading auto finance company based in Newport Beach, CA, since 2002, filed on Friday a trademark infringement lawsuit in US District Court against Coast Financial Auto of Irvine, CA, it was announced today by Matthew Morsey, founder and CEO of Coast.
The case is Coast Acceptance Corp. Inc. V. Coast Financial Counseling., Case No. 8:16-CV-00995, United States District Court, Central District of California, Southern Division.
According to the lawsuit, Coast is asking the Court to immediately enjoin the use of the confusingly similar trademark and name COAST and variations, and for damages and profits of over $3 million dollars, and punitive damages. According to Coast’s intellectual property litigation attorney, William E. Levin of Laguna Beach’s Levin & Dicterow, “This appears to be a very clear-cut and blatant case of infringement by a direct competitor. The parties are in the same industry in the same geographical area, using an essentially identical name, which the other Coast must realize will mislead customers in the automotive finance arena.” Levin also pointed out, “The complaint identifies actual instances in which customers have been confused recently, and the other Coast has refused to stop. And even their location seems to be largely concealed from the public.”
Coast Acceptance Corp is a leading subprime auto finance provider to independent automotive dealers known for personalized service and competitive financing programs. The company was founded by Morsey, a financial services professional living in Newport Beach, who wanted to create a locally-based lending resource to serve his community and the region.
“This is a critical issue for our business and especially for our clients,” said Morsey. “We are committed to pursuing any means necessary to eliminate confusion in the marketplace about the source of Coast’s services. We want to insure our customers make payments to the correct company, get our help and service when they need it, and don’t damage their credit due to this confusingly similar company.”
According to Morsey, the company has prevented other third parties from using similar Coast names in the automotive financing field, including stopping Coast Auto Finance by an Irvine company in 2015. “We are filing this lawsuit to send a clear message to the local and regional community that misuse of our trademark will not be tolerated. We intend to ensure that the name of Coast continues to be associated with the highest quality of service,” said Morsey.
ABOUT COAST ACCEPTANCE CORP
Headquartered in Newport Beach, California. Coast Acceptance Corp. is a subprime auto finance provider dedicated to serving independent automotive dealers with the most flexible, personalized and competitive financing programs in the region. With over 14 years of superior subprime auto lending experience, Coast is dedicated to providing pristine customer service, superior expertise and personalized auto financing solutions. For information, visit www.coastacceptance.com. A copy of the complaint can also be found at www.LevinIP.com.