Before getting into the technology world, I was in the sports world.
One of the most prestigious marks in sports is the Olympic rings. The International Olympic Committee holds their mark in the highest regard, and is very specific about how it can be used and who can use it.
Today I spied this post on InfoMobile relating to what Fring is doing around the Summer Olympics.
While I'm not an Intellectual Property lawyer, this will likely draw some attention from the IOC's licensing body as Fring has taken the Olympic rings and created a parody of sorts. Now, while the rings are protected, the parody look is not, and that may be their out. However, given the similarity that would cause even a casual fan to think the Fring Olympics are sanctioned by the IOC, my guess is that someone at the IOC may be ringing up Fring with a cease and desist letter or worse.