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Worcester, Mass.-based Commerce Bank & Trust Co. on March 31 filed a lawsuit in Massachusetts federal court alleging that Toronto-Dominion Bank's planned use of the TD Commerce Bank name in connection with its acquisition of Cherry Hill, N.J.-based Commerce Bancorp Inc. represents an infringement upon its trademark and threatens to undue 53 years of goodwill built in the commonwealth's banking market.
The Massachusetts-based Commerce said it has continually used its service mark since 1955 and has spent considerable time, effort and $6.3 million over the last seven years, including $1 million for naming rights to a high school sports complex, in developing the brand, according to a copy of the suit and related affidavits obtained by SNL. It alleges that the TD Commerce Bank mark is "confusingly similar" to its own and that the new logo "causes customers to believe" that the Massachusetts Commerce is now affiliated with TD.