HouseCanary Receives Trade Secret Judgment in Texas Litigation
Court Affirms Jury Verdict, Orders Payment of Nearly $740 Million from Amrock to HouseCanary
SAN ANTONIO, Oct. 29, 2018 /PRNewswire/ -- A court has entered judgment in favor of HouseCanary, the industry-leader in real estate valuation analytics and platforms, in its claims for trade secret misappropriation, fraud and breach of contract against Title Source, now known as Amrock. Earlier this year, after 7 weeks of trial with extensive presentation of evidence, a jury awarded HouseCanary more than $706 million in actual and punitive damages for Title Source's willful misappropriation of trade secrets and other claims.
On Thursday, the Honorable David A. Canales of the 73rd District Court in Bexar County entered judgment against Title Source for nearly $740 million, including the $706,200,000 in actual and punitive damages awarded by the jury, prejudgment interest of $28,989,154, and attorney's fees of $4,528,711.
"HouseCanary is pleased that the Court has entered final judgement in this case," said Jeremy Sicklick, CEO and Co-Founder of HouseCanary. "We were confident that the Court would follow the law and enter a judgement thoroughly consistent with the jury's verdict. 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."
"HouseCanary was awarded the maximum amount allowed of punitive damages by a unanimous jury," said Ricardo Cedillo of Davis, Cedillo & Mendoza in San Antonio. "Punitive damages are intended to punish companies for their conduct and the court rightly upheld the jury verdict that Title Source stole valuable trade secrets from HouseCanary. Punitive damages are meant to protect innovative start-ups like HouseCanary."
In entering judgment, the Court also denied in full Title Source's motion to throw out the jury's verdict.
About HouseCanary:
Founded in 2013, HouseCanary is a real estate technology company providing the most accurate home valuations to drive smarter decisions across the real estate ecosystem. Clients include some of the largest financial institutions including the top five buyers of residential whole loans on Wall Street, three of the largest Wall Street investment firms and four of the top five single family rental companies. HouseCanary can be found at www.housecanary.com
Contact: Denise Dunckel
[email protected]
SOURCE HouseCanary
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