Australian financial services group MFS has ended a legal dispute with Massachusetts Financial Services of Boston over the moniker "MFS".
The move comes after the US-based fund manager launched a trademark infringement claim against the Australian group in a New York court last year.
According to MFS deputy chief executive Craig White, the group is well into the process of developing a new brand for the Australian market.
"I don't think the launch is a long way off, it's just a case of going through the processes," he said.
According to a MFS statement to the Australian Securities Exchange, the group has been developing the new brand and corporate imagery for its separate financial services business for approximately the last nine months.
The new brand and logo will also be applied to the Australian financial services market and MFS international operations in China and the United Arab Emirates.
MFS will receive an undisclosed payment for utilising a new name and transferring the trademark and will seek shareholders approval for the new name.
According to MFS, there will be no payment or financial obligation by MFS to Massachusetts Financial Services and no further litigation between the two groups over this mater.
