HouseCanary wins $706M after getting sued by Quicken Loans offshoot
“The jury agreed with HouseCanary that Title Source, as the Quicken Loans division was referred to in the case, failed to honor a software licensing contract and then used HouseCanary’s technology and trade secrets to try to construct its own version. Title Source had initially sued HouseCanary, alleging fraud and breach of contract over the software, but HouseCanary countered and won the huge sum.”
Great story. $706M represents 10 times the amount of HouseCanary’s initial funding. This case sounded vaugely familiar, then I recalled this other story…
Collateral Analytics sues Nationstar for allegedly stealing trade secrets
“Because there are no other products on the market with comparable accuracy, coverage, and functionality, (Nationstar and Xome) were unwilling to switch suppliers,” the lawsuit states. “And, because it literally takes decades of research and refinement (not to mention many millions of dollars) to make a product with the accuracy, coverage, and functionality that Collateral Analytics displays, Defendants were unable to develop their own.”
So, the lawsuit claims that Nationstar took matters into its own hands and stole Collateral Analytics trade secrets.”
Twinsies!
