Post by Logan on Jun 7, 2016 18:50:16 GMT -6
Zillow, the Seattle online real-estate information company, will pay $130 million to settle a lawsuit alleging that two executives it hired from rival Move Inc. stole trade secrets.
The settlement, disclosed in securities filings Monday, ends more than two years of litigation and removes the threat of a much larger financial blow to Zillow, the largest consumer real-estate web portal.
Silicon Valley-based Move, which is owned by News Corp., said it was seeking as much as $1.8 billion in damages.
The lawsuit stems from Zillow’s hiring of two ex-Move executives in 2014. Move sued Zillow less than two weeks after Errol Samuelson joined the Seattle firm as chief industry-development officer. Move filed a separate suit after another executive, Curt Beardsley, followed Samuelson.
Read more: www.seattletimes.com/business/technology/zillow-settles-suit-by-rival-for-130-million/
The settlement, disclosed in securities filings Monday, ends more than two years of litigation and removes the threat of a much larger financial blow to Zillow, the largest consumer real-estate web portal.
Silicon Valley-based Move, which is owned by News Corp., said it was seeking as much as $1.8 billion in damages.
The lawsuit stems from Zillow’s hiring of two ex-Move executives in 2014. Move sued Zillow less than two weeks after Errol Samuelson joined the Seattle firm as chief industry-development officer. Move filed a separate suit after another executive, Curt Beardsley, followed Samuelson.
Read more: www.seattletimes.com/business/technology/zillow-settles-suit-by-rival-for-130-million/