CEO DATELINE - Zillow to pay Realtor.com $130M court settlement
CEO DATELINE - Zillow to pay Realtor.com $130M court settlement
- June 7, 2016 |
-
Walt Williams
Consider joining CEO Update. Membership gives full access to the latest intelligence on association management, career advancement, compensation trends and networking events, as well as hundreds of listings for senior-level association jobs.
The online real estate listing service Zillow will pay competitor Realtor.com $130 million to settle a lawsuit alleging the company stole trade secrets, the (California) Orange County Register reported Monday.
Realtor.com is owned by the website operator Move Inc. on behalf of the National Association of Realtors, which will get 10 percent of the proceeds after litigation expenses are deducted. Move Inc. is owned by News Corp.
The lawsuit stems from allegations by Realtor.com that one of its former executives stole information from the company then gave that data to Zillow after he took a new job there. Zillow claimed the accusations were without merit.
The settlement avoided a court trial that was scheduled to start the same day. Zillow was facing $803 million in damage claims, the newspaper reported.
Terms of the settlement were not announced.
Realtor.com should not be confused with Realtor.org, which is NAR's main website. http://bit.ly/1t4FD7m
MORE CEO DATELINE