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Two of the trade’s largest lenders proceed to duke it out in federal courtroom, incomes separate victories in a poaching grievance
A choose final week dominated CrossCountry Mortgage can transfer ahead with false promoting counterclaims towards Loandepot, the newest flip within the
“If CCM is unable to show these allegations with proof after discovery, loanDepot can renew its arguments at abstract judgment,” wrote U.S. District Decide Arun Subramanian in a Dec. 29 order.
Case filings do not point out what number of prospects might have been deceived, nor how a lot mortgage manufacturing CrossCountry might have misplaced out on. Spokespersons for each firms declined to remark, whereas opposing attorneys did not reply to requests for remark.
The counterclaims arose from Loandepot’s
The courtroom has to this point dominated largely in favor of Loandepot, barring CCM and particular person workers from utilizing the allegedly stolen info. A federal choose final summer season instructed Loandepot
Decide Subramanian in November additionally compelled particular person defendants, ex-Loandepot staff turned CrossCountry workers, to settle their counterclaims in arbitration. The New York courtroom nonetheless has not barred CrossCountry from soliciting Loandepot’s workers.
The poaching instances are just some of the raiding complaints lodged towards the Cleveland-based CrossCountry, though Loandepot’s lawsuits are significantly vitriolic. The California agency has filed 4 comparable lawsuits towards CCM since 2018; CrossCountry suggests the newer claims are retaliation over its spurning of Loandepot’s alleged 2021 merger proposal.
The businesses had a minimum of one unsuccessful mediation try final September, in line with Illinois courtroom data. A forensic evaluation in that lawsuit has combed by means of over 100,000 paperwork, and CCM in line with filings is ready to return roughly 8,000 Loandepot data inside its programs.
CrossCountry in the meantime has
The non-public lending big final week additionally quietly settled a trademark dispute with
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