Toronto Caribana festival gets new name

Toronto's Caribana festival has been renamed Scotiabank Caribbean Carnival Toronto because of legal wrangling over naming rights.

The Festival Management Committee, which now runs the festival, announced thechange at a news conference Wednesday morning in Toronto.

Ontario Superior Court ruled earlier this month that the Festival Management Committee could no longer use theterm "Caribana" becauseit wastrademarked by thegroup that founded the festivalbut no longer runs it.

Since its inception in 1967, Caribana has grown to be the jewel of the city's summer festivals.

More than a million people turn out to watch the parade every year, with floats, bands and dancers.

It's also estimated that the two-week festival pumps more than $400 million into the Ontario economy.

The official launch of this year's festival is slated for July 15, with the signatureparade event scheduled for July 31.