Skip to main content

Zillow Pays $130M to Settle Move Lawsuit

Jun 07, 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. 

About the author
Published
Jun 07, 2016
Fed Rate Could Be Down To 4.6% By Year's End

Inflation must hit its 2% goal for Fed to reduce rates.

New Compliance Requirements Add Challenges

Latest changes arrive at an already disruptive time in the mortgage industry

Changes Coming For Investment Properties

Using leases to qualify will require Proof

FCC Adopts New Rules To Close The 'Lead Generator Loophole'

Mortgage lead providers respond, saying this will "wipe out" several small and mid-tier businesses

Trade Associations & Lenders Stand Behind Trigger Leads Bill

Major trade associations like The MBA, NAMB, and BAC, urge action on S. 3502.

Supply And Demand Are Still Alive And Well

Treasury auctions may face weaker demand but they’re still getting done