Zillow has reached a $130 million settlement with Move over allegations of trade secret theft levied against two high-level executives at Zillow who once worked at Move, reports HousingWire staffer Ben Lane.
Move, which operates Realtor.com for the National Association of Realtors and owner News Corp, alleged that Errol Samuelson, who was once Move's chief strategy officer, stole trade secrets and proprietary information from Move before joining Zillow in 2013.
Move originally claimed that Zillow owed the company $2 billion in damages.
According to a News Corp SEC filing, Zillow will pay $130 million to Move, the National Association of Realtors, and other “related entities,” to settle the lawsuit, which began when Move sued Zillow after Samuelson resigned from Move on March 5, 2014, and joined Zillow as the company's second-highest paid executive on the same day.
Zillow is not admitting liability in the settlement. “It is understood and agreed that this is a compromise settlement of disputed claims and counterclaims and potential disputed claims and counterclaims,” the settlement agreement states. “This settlement agreement is solely the result of a good faith compromise and settlement between the parties. Nothing contained herein is or is to be construed as an admission by any of the parties of liability, wrongdoing, or responsibility, and the parties deny any such liability or wrongdoing and continue to disclaim such responsibility.”