AI-generated analysis, not investment advice. The articles are written by AI, edited, and checked against company filings — but the judgements are opinions and the figures go stale. How this is made · Terms

⚠ You Buy the Lawsuits TooModerate threat

Bending Spoons (BSP) — threat to the moat

Vimeo came with a five-year-old Milan copyright case carrying a possible 10,000 euro a day, and Bending Spoons has provisioned nothing for it.

A business bought whole comes with its history. In March 2021 Sony Music Entertainment Italy, Warner Music Italia, Universal Music Italia and Warner Music International Services filed a lawsuit against Vimeo in the Court of Milan alleging violations of Italian copyright and unfair competition laws, case number 10977/20211. The complaint says Vimeo infringed the plaintiffs' copyrights by hosting and streaming user-uploaded videos and used a takedown process that did not comply with Italian law2.

Legal exposure acquired with the businessesCaseSony, Warner and Universal v. Vimeo, Court of Milan 10977/2021FiledMarch 2021, before the acquisitionPenalty sought per day of delay10,000 euroFinal claims hearing24 November 2026Splice provision, 2023$2.2M, fully used in 2024Accrued legal liabilities$0 at end-2024 and end-2025Bending Spoons Form 424B4, legal proceedings note
A live case, and no provision.

The relief sought includes injunctive relief, damages to be quantified in a separate proceeding, and potential penalties of 10,000 euro per day of delay in removing unauthorised works after a court order3. A new judge has been assigned and the final claims hearing is scheduled for 24 November 20264. Bending Spoons says the allegations are without merit5.

The pattern repeats on a smaller scale. A provision of $2.2 million was set aside at the end of 2023 for a dispute over an application distributed by Splice Video Editor, and was fully utilised during 2024 following an out-of-court settlement6.

Nothing has been found against Bending Spoons itself. The legal proceedings note lists only the Vimeo case, the Eventbrite privacy claims and the settled Splice dispute7, and the company reports being subject to claims under the Illinois Biometric Information Privacy Act without naming any8. For a group that has bought more than 50 businesses, that is a short list, and it is the acquired companies' histories rather than the buyer's conduct that fills it.

The balance sheet carries none of this. As of 31 December 2024 and 2025 no accrued legal liabilities were set aside for claims, disputes or legal proceedings9. That is a reasonable position for a company that expects to win, and it means the Milan hearing is a live, unprovisioned exposure on a business bought for $1.36 billion. An adverse ruling with a daily penalty attached is the thing to watch for.

References
  1. ReportedIn March 2021 Sony Music Entertainment Italy, Warner Music Italia, Universal Music Italia and Warner Music International Services filed a lawsuit against Vimeo in the Court of Milan alleging violations of Italian copyright and unfair competition laws, case number 10977/2021.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  2. ReportedThe complaint says Vimeo infringed the plaintiffs' copyrights by hosting and streaming user-uploaded videos and used a takedown process that did not comply with Italian law.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  3. ReportedThe relief sought includes injunctive relief, damages to be quantified in a separate proceeding, and potential penalties of 10,000 euro per day of delay in removing unauthorised works after a court order.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  4. ReportedA new judge has been assigned and the final claims hearing is scheduled for 24 November 2026.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  5. ReportedBending Spoons says the allegations are without merit.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  6. ReportedA provision of $2.2 million was set aside at the end of 2023 for a dispute over an application distributed by Splice Video Editor, and was fully utilised during 2024 following an out-of-court settlement.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  7. ReportedThe legal proceedings note lists only the Vimeo case, the Eventbrite privacy claims and the settled Splice dispute, and the company reports being subject to claims under the Illinois Biometric Information Privacy Act without naming any.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  8. ReportedThe legal proceedings note lists only the Vimeo case, the Eventbrite privacy claims and the settled Splice dispute, and the company reports being subject to claims under the Illinois Biometric Information Privacy Act without naming any.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  9. ReportedAs of 31 December 2024 and 2025 no accrued legal liabilities were set aside for claims, disputes or legal proceedings.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
Sources
Generated October 20, 2026