Mortgage Lender Wins $1.1M In Trade Secrets Dispute

By Dean Seal (September 30, 2019, 3:36 PM EDT) -- South Carolina-based Movement Mortgage LLC claimed victory last week when a North Carolina federal judge entered a $1.1 million damages judgment against shuttered Franklin First Financial Ltd. in a trade secrets dispute involving a former employee.

New York's financial services regulator shut down the Long Island-based Franklin First late last year over a laundry list of alleged improprieties, including inaccurate balance sheets and misuse of company funds. The mortgage lender now owes Movement more than $1 million in damages for profits lost when a Movement employee quietly joined Franklin in 2017 and brought the former firm's confidential business information along with...

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