IMX wins patent trial against LendingTree
IMX, Inc., a leading provider of technology solutions for the mortgage industry, today announced that it has received a favorable jury verdict in its intellectual property case against LendingTree, LLC in the U.S. District Court of Delaware, finding willful infringement of U.S. Patent No. 5,995,947.
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The patent provides an Internet-accessible, interactive, real-time network whereby borrowers and lenders exchange information in the pursuit of securing a loan.
"We are very pleased with the verdict," said Michele Buschman, acting CEO of IMX. "We've maintained all along that LendingTree infringes this patent. While we would have preferred to settle the issue out of court, we are extremely satisfied that the validity of this key technological innovation has been upheld."
IMX was awarded $5,794,400 in damages and the company anticipates that the Court will issue an injunction to stop LendingTree's infringement.
IMX was represented by DLA Piper Rudnick Gray Cary US LLP.