Well, that is all part of the hype and salesmanship behind the promoting of .co...its like dot com.
So, many people regged names they had no business (literally...no business) owning.
This is nothing new and nothing different.
This is the consequences of taking of or abusing of someone's else's property. I am not saying you did anything wrong because I do not know the name in question (and I DO NOT want to know the name).
But, if you did take another entity's legally trade marked name, then there is no point in asking what rights you have.