Quicken Loans affiliate ordered to pay $740M
Quicken Loans affiliate Amrock has been ordered to pay nearly $740 million after a Texas judge denied a request to vacate a jury's decision earlier this year that it took trade secrets from real estate data firm HouseCanary.
The case stems from a 2015 contract to develop software to provide appraisal and real estate valuations between Title Source — now known as Amrock Inc. — and HouseCanary. A jury had previously found that Amrock had misappropriated trade secrets, and issued an order to pay $706 million to HouseCanary.
The Texas judge's most recent ruling increases Amrock's ordered payout from by roughly $35 million, including prejudgement interest of nearly $30 million and attorney's fees of $4.5 million.
The ruling is the maximum amount allowed for punitive damages by a unanimous jury in Texas, HouseCanary's attorney said in a statement.
Detroit-based Amrock says it will file a motion for a new trial, based on what the company says is newly discovered evidence from three former HouseCanary employees who say the original verdict was based on at least partially false information.
“We are disappointed that the Court did not throw out the jury’s verdict in light of HouseCanary’s expert witnesses testifying there was no wrongdoing, and further evidence contradicting the claims of ‘trade secret’ misappropriation,” Amrock attorney David Prichard of Prichard Young LLP said in a statement. “We look forward to putting the whistleblowers’ evidence of fraud and collusion before the judge and are confident that once this evidence is aired, justice will prevail — a verdict procured by fraud and false testimony cannot be allowed to stand.”
"HouseCanary is pleased that the Court has entered final judgement in this case," Jeremy Sicklick, CEO and Co-Founder of HouseCanary, said. "The jury and the Court, during two months of trial, heard extensive evidence of Title Source's misappropriation of HouseCanary's highly valuable trade secrets related to its real estate valuation analytics along with Title Source's fraudulent conduct and contractual breaches. The judgment reflects the jury's findings in favor of HouseCanary on every single issue."