Zillow Pays $130M to Settle Move Lawsuit

Zillow Pays $130M to Settle Move Lawsuit

June 7, 2016
A former loan officer at a Los Angeles-based community bank that pocketed more than $350,000 in kickbacks in exchange for considering mortgage applications submitted by churches in relation to a fraud scheme

Zillow has agreed to pay $130 million to settle a lawsuit that claimed two of its recent executive hires stole trade secrets from Move Inc.

The Seattle Times reported that the settlement was disclosed in a securities filing and that the agreed-upon sum was far below the $1.8 billion being sought by Move, which is owned by Rupert Murdoch’s News Corp. Move’s lawsuit centered on two of its former executives, Errol Samuelson and Curt Beardsley, who joined Zillow in 2014. Move asserted that its former executives used confidential information that enabled Zillow to acquire Trulia that year, a charge Zillow denied.

The National Association of Realtors was a party to the lawsuit and will receive 10 percent of the settlement proceeds. Both Move and Zillow, which did not admit to wrongdoing in its settlement, issued statements that called the agreement an “amicable resolution” of their differences.