CoStar Group (NASDAQ: CSGP) announced Move Inc., the News Corp (NASDAQ:NWSA) subsidiary that operates Realtor.com, has withdrawn its trade secrets lawsuit against the company.
The lawsuit was initiated in July 2024 and accused CoStar of misappropriating trade secrets when it hired former Realtor.com employee James Kaminsky. Move claimed Kaminsky provided his new employer with stolen documents related to business strategy, industry contacts and “a vast array of other competitively sensitive and valuable information.” The lawsuit added that CoStar is using this information to strengthen its Homes.com as a rival to Realtor.com which Move insisted “has not, until recently, been a significant player in the industry.”
Last September, a district court denied Move’s request for a preliminary injunction. CoStar stated Move dismissed the case with prejudice after being threatened with sanctions.
“This lawsuit was a PR stunt from the start – ridiculous, and totally devoid of merit,” said Andy Florance, founder and CEO of CoStar Group. “Nine months later, after a warning from our lawyers about sanctions, Move folded. We did not settle. We didn’t pay a dime. Move simply capitulated. From the beginning, Move had no evidence linking CoStar Group to any trade secrets, and this dismissal proves it. This was a desperate, anticompetitive stunt to slow down Homes.com as we passed Realtor.com in the marketplace.”
“We said we would win this case, and we did,” Florance added. “We remain focused on winning where it counts – in the marketplace. Our ‘Your Listing, Your Lead’ model on Homes.com continues to resonate with agents, buyers and sellers alike, and just as we’ve succeeded in court, we are confident we will continue to succeed in the market.”
Move did not offer an immediate comment on the end of the lawsuit.
