Evidently MMO fans weren't the only ones that heard this news. Palladium Books has filed a lawsuit citing trademark infringement of the name of Palladium's popular long-standing RPG, similarly titled "Rifts." If you're unfamiliar with the title, Palladium's version of Rifts is a PnP game centered around rifts that open on earth, exposing the players to monsters and elements from many other lands -- a very familiar concept. Rifts is Palladium's primary and most familiar IP, so they are understandably anxious to protect it.
Not much is known about the lawsuit at this point other than "it was filed." Basic details such as the parties involved and Palladium's sources are available, and we'll keep our eye out for more information over the next few weeks.