Forbes Media and Axel Springer Russia, the Russian wholly-owned subsidiary of Axel Springer of Germany that publishes the Forbes magazine and Forbes Online in Russia under license from Forbes Media, have won a law suit for the Forbes.ru domain name. The current holder of the domain name will have to pay $300,000 to the suitors, they announced today. It’s the highest compensation ever awarded for the illegal use of a domain name in Russia.
The Forbes.ru domain name was registered in 2003 by the Russian tourism firm Landmark VIP Services.
Axel Springer launched Forbes Russia online at Forbesrussia.ru last September. FORBES is a leading Russian business magazine with an average circulation of 110,000 copies and more than 830,000 monthly readers. Axel Springer, which also publishes Newsweek and ComputerBild magazines in Russia, extended publishing cooperation with Forbes in Russia until 2020.
In November 2009, Axel Springer acquired the Russian business of German publisher G+J (Gruner+Jahr).