05/26/2011 06:24 EDT | Updated 07/26/2011 05:12 EDT

Caribana Gets New Name: Scotiabank Caribbean Carnival Toronto

(CBC) -- Toronto's Caribana festival has been renamed because of legal wrangling over naming rights.

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

Ontario Superior Court ruled earlier this month that the Festival Management Committee could no longer use the term "Caribana" because it was trademarked by the group that founded the festival but 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 signature parade event scheduled for July 31.