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The above page at ChillingEffects says this:
Some courts have held that it is trademark infringement when one company uses anotherís trademark to attract people who search for the competing company. There are meta tag uses that are considered fair use -- for example, when a site uses a descriptive term that is also a trademark.
Well, Google might do something
If your site in in the U.S., I doubt it very much.
I'd use Google's Adwords policy as a guide: in the U.S., Google permits Adwords advertisers to use trademarked terms as keywords, but not in the ad itself (unless the use in the ad in non-infringing).
In Europe (not sure about other areas) Google does not permit the use of infringing trademarks as keywords.
As to what the law actually is, my understanding is that it's still an unsettled area. Google is doing what they feel they can defend in a given country.
It seems to me that the use of trademarks in metatags MIGHT be considered as equivalent to their use as keywords.
In any case, I doubt that Google would apply one policy to Adwords and another to what publishers do on pages where they display Adsense. It might be considered an admission that they are wrong in the other case.
The most detailed article about meta tag lawsuits I've seen is in Danny Sullivan's SearchEngineWatch article of about 3 years ago...
Meta Tag Lawsuits [searchenginewatch.com]
Send a C&D to the infringer, and if that doesn't work, then sue them. I don't know of any shortcuts for trademarks that compare to the DMCA.
At least in the United States, if you don't defend your trademark, you will lose it. So quit dinking around with Google and go after the infringers.
A Cease and Desist letter from a competent IP attorney is your best bet. If that doesn't convince them to stop you'll have to decide if it's worth suing them in Federal Court to protect your trademark.