Move, Inc. and Zillow Reach Settlement Agreement
By Jeff Sorg, OnlineEd Blog
(June 7, 2016) – The National Association of REALTORS is reporting in a press release that Zillow Group, Inc. has agreed to a settlement amount of $130 million in damages instead of going to trial to settle a 2014 lawsuit alleging misappropriation of trade secrets. Zillow Group and Move, Inc. are both reporting that they have reached an amicable resolution.
Move will receive the bulk of these funds but NAR hopes that they will invest this money to enhance the consumer experience on realtor.com® and benefit our members in support of the REALTOR® brand.
NAR reported that it will receive 10 percent of the settlement payment after Move deducts its legal fees, since Move covered the costs of the lawsuit. After this amount is determined, NAR’s Leadership Team will consider how best to apply those funds in service of NAR’s REALTOR® members; we will share that information as soon as a decision is made.
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Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center’s CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee.
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