In October 2012, Tatsunoko Productions filed a lawsuit against James Rocknowski, John Rocknowski and Michael Cisneros of Speed Racer Enterprises Inc. The suit sought damages for nine causes of action, including false advertising, unfair competition, interference and misappropriation of intellectual property rights.
In the suit, Tatsunoko said the company granted Speed Racer Enterprises a 10-year license to Mach Go Go Go, the anime source material for Speed Racer, in 2000, which was then extended a year in the summer of 2010. The suit alleged that the defendants continued to claim they owned the Speed Racer rights after they expired in May 2011, and misappropriated and exploited the rights by licensing the property to such companies as Hollywood studio Lions Gate and Toonz Entertainment.
Tatsunoko has announced that the suits have been settled by mutual agreement of all parties and being discussed in full. According to the settlement, the Speed Racer rights terminated in their entirety on May 31, 2011; at that date, the rights automatically reverted back to Tatsunoko. With this settlement, Tatsunoko alone now owns and controls the rights to Speed Racer intellectual property rights worldwide.