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Zillow to pay $130M to settle lawsuit by rival Move Inc.
The Associated Press//June 7, 2016//
Listen to this articleSEATTLE (AP) — Seattle-based real-estate information website Zillow is paying $130 million to settle a lawsuit brought by rival Move Inc.
The Seattle Times reports that the settlement was disclosed in securities filings Monday, ending more than two years of litigation and the threat of a much larger financial blow to Zillow.
Silicon Valley-based Move, which is owned by News Corp., said it was seeking as much as $1.8 billion in damages. Move alleged that Zillow hired two of its executives, who provided Zillow with trade secrets that helped Zillow acquire another rival, Trulia, in 2014 for $2.5 billion.
Zillow denied wrongdoing. The case had been set for trial this month.
The National Association of Realtors, which joined in the lawsuit, is receiving 10 percent of the settlement proceeds, after deduction of Move’s legal fees. Move will keep the rest.
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