trending Market Intelligence /marketintelligence/en/news-insights/trending/B4gIaEuNyCbhr-vxeed6bQ2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Mount Olympus Mortgage awarded $25M in corporate espionage case against Guaranteed Rate

Blog

Banking Essentials Newsletter - February Edition, Part 2

Podcasts

StreetTalk – Episode 74: Investor sees legs in strong credit performance, US bank stock rally

Blog

Street Talk – Episode 74: Investor sees legs in strong credit performance, US bank stock rally

Blog

The Evolution of ESG Factors in Credit Risk Assessment: Environmental Issues


Mount Olympus Mortgage awarded $25M in corporate espionage case against Guaranteed Rate

Mount Olympus MortgageCo. has been awarded roughly $25 million in connection with a lawsuitin which the company alleged corporate espionage by former employees and , National Mortgage News reported March 28.

The company claimed that Benjamin Anderson and Brian Decker,who now work at Guaranteed Rate, stole loan files, borrower information and otherproprietary data from Mount Olympus. It also claimed that the former employees actedwith encouragement from Guaranteed Rate.

According to the publication, more than 5 gigabytes of data wastaken from Mount Olympus, with Anderson and Decker being among the nine former employeesof the company who allegedly took part in the scheme.

Citing Chad Hummel, an attorney for Mount Olympus, National Mortgage News reported that theclaims against Decker are separate from the original lawsuit against Anderson andGuaranteed Rate and will be tried separately, while claims against the remainingformer employees have been settled confidentially out of court.

Anderson and Decker reportedly filed a countersuit against MountOlympus, as did Guaranteed Rate, but Guaranteed Rate dropped its lawsuit duringthe trial. Anderson's complaint made wage and defamation claims, which were dismissedby the judge and jury.

In the March 17 decision, the jury awarded Mount Olympus $5.6million from lost profits and $4.6 million in lost business value from Andersonand Guaranteed Rate. In addition, the jury decided that Anderson had to pay backabout $2 million that he earned from commissions on the loans involved in the case,according to National Mortgage News.

The jury also found that Guaranteed Rate earned $657,000 unjustlyand on March 22 awarded Mount Olympus $12.5 million in punitive damages from GuaranteedRate and $500,000 from Anderson.

As Mount Olympus may take only the award on lost profits or unjustenrichment, it is taking the lost profits award of $5.6 million, the lost businessvalue of $4.6 million and the punitive damages of $12.5 million in the case againstGuaranteed Rate, while it is taking the $1.9 million in unjust enrichment awardinstead of the $5.6 million in lost profits and is taking the $500,000 punitivedamages award in the case against Anderson, NationalMortgage News reported, citing Hummel.