Quicken Loans affiliate ordered to pay $740M

Quicken Loans affiliate Amrock has been ordered to pay nearly $740 million after a Texas judge denied a request to vacate a jury's decision earlier this year that it took trade secrets from real estate data firm HouseCanary.

The case stems from a 2015 contract to develop software to provide appraisal and real estate valuations between Title Source — now known as Amrock Inc. — and HouseCanary. A jury had previously found that Amrock had misappropriated trade secrets, and issued an order to pay $706 million to HouseCanary.

The Texas judge's most recent ruling increases Amrock's ordered payout from by roughly $35 million, including prejudgement interest of nearly $30 million and attorney's fees of $4.5 million.

The ruling is the maximum amount allowed for punitive damages by a unanimous jury in Texas, HouseCanary's attorney said in a statement.

Read more: https://www.detroitnews.com/story/business/2018/11/02/quicken-loans-affiliate-amrock-ordered-pay-740-million/1861235002/