Jury Awards $706M Over Appraisal App Secrets Theft
Law360 (March 15, 2018, 8:12 PM EDT) -- A Texas state jury awarded $706.2 million on Wednesday to data-analytics startup HouseCanary, agreeing that former collaborator Title Source Inc. brazenly stole proprietary data recipes for home appraisals and comparisons as it allegedly readied to build its own software suite.
The unanimous 12-member Bexar County jury included more than $400 million in exemplary damages for TitleSource’s “willful and malicious” misappropriation of secrets shared during the brief partnership, according to the verdict form.
HouseCanary’s app was made for house appraisers to use on location, quickly generating detailed reports about a house’s value and local comparable sales based on proprietary formulas. In the...
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