Quicken Loans Is Sued by Data Startup Claiming Trade Secrets Theft
- Mortgage lender denies allegations and says it will fight suit
- HouseCanary’s real-estate data and technology at issue
Photographer: Craig Warga/Bloomberg
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Quicken Loans Inc. was sued by real-estate data analytics startup HouseCanary Inc., which accused the mortgage-lending firm of trying to steal its data and technology through a sham licensing agreement so it could develop competing appraisal software.
The lawsuit was filed days after San Francisco-based HouseCanary won a jury trial against the affiliate, Amrock Inc., which calls itself the biggest independent title-insurance and valuation firm in the U.S. Jurors in Texas last week said Amrock stole HouseCanary’s trade secrets "with malice" and awarded the startup $706 million in damages.