They have an (exclusive) license to call it AmigaOS. And they do own AmigaOS 4 - except for the code parts that are still left over from AmigaOS 3.1, obviously.
And ExecSG. Hyperion licenses ExecSG from the Friedens. The Friedens even had to sue Hyperion to keep Hyperion from claiming it was their product.
The settlement also contains a clause that stops Amiga from competing with Hyperion in the OS departement. I assume that's why Hyperion alleges that Amiga can't license the "Amiga" name to CUSA if the latter are distributing AROS - because that would actually be competition.
Hyperion has no say in what CUSA does. Ben Hermans thought he had a case when he first heard about CUSA, saying "you can bet we'll look into this". But there is no lawsuit, no cease-and-desist, he had to go sit back down in his corner and shut up. AInc. swatted his chubby little fingers away.