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Exercising the Extraterritorial Limitation on U.S. Copyright Law

By Robert J. Bernstein and Robert W. Clarida
March 01, 2020

In 2017, State Street Global Advisors Trust Company (SSGA) commissioned the sculptor Kristin Visbal to create a statue to promote SSGA's global campaign for greater gender diversity in corporate leadership. The statue, which became known as "Fearless Girl," was unveiled on International Women's Day in 2017. "Fearless Girl" was initially placed at Bowling Green in lower Manhattan in New York City, across from the pre-existing "Charging Bull" statue created by the sculptor Arturo Di Modica. However, after Di Modica complained that the juxtaposition of "Fearless Girl" and "Charging Bull" distorted the message of his sculpture, the "Fearless Girl" statue was relocated to outside the New York Stock Exchange.

As a result of the extensive promotion and widespread coverage of "Fearless Girl," including the controversy over its initial placement, "Fearless Girl" became a media sensation that resulted in demand for replicas within the United States and abroad.

SSGA and Visbal entered into three agreements in 2017 concerning the promotion and use of the "Fearless Girl" artwork. Under the copyright license agreement, SSGA owned the exclusive rights to use the artwork "in connection with financial services and with gender diversity issues in corporate governance." The license agreement prohibited Visbal from selling, licensing or distributing copies of the "Fearless Girl" artwork for any corporate and/or commercial purpose (with very limited exceptions); third-party use in connection with gender diversity issues in corporate governance; and political use (with limited exceptions).

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