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09|18|2008 10:24 pm EDT

Cybersquatters Pouncing on Bank Merger Opportunities

by Chad Kettner in Categories: Legal Issues

Cybersquatters are proving the old saying true: “In the middle of difficulty lies opportunity.” With the recent troubles in the financial sector, domains related to the recent bank mergers are being purchased and placed for sale at record speeds.

Domain names for the separate merges of Bank of America/Merrill Lynch and Lloyds TSB/HBOS were snapped up as well as domains relating to a speculated merger of Lehman Brothers and three potential buyers – Barclays, HSBC, and Bank of America. In a number of cases, these domains have already been listed for sale on eBay with asking prices as high as $35,000 for four domains.

“It shows how there are opportunists out there waiting to pounce on any event,” said Jonathan Robinson, Chief Operating Officer of NetNames. “The lesson has been there for a while for anyone working with in the mergers and acquisitions area that this is a key area to focus on in the due diligence process,” he later added.

Cybersquatting, the act of purchasing trademarked domains in bad faith, is illegal under the Anticybersquatting Consumer Protection Act.

[via BBC]

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1 Comment

David J Castello

September 19, 2008 @ 12:12 pm EDT

Anyone who still buys or sells those types of names is living in a time warp.

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