Industry News

Jury verdict: LendingTree infringed on patent

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A U.S. District Court jury has found that LendingTree should pay $5.8 million in damages for infringing on a patent held by IMX Inc., a mortgage technology company. The Jan. 20 jury verdict followed a two-week trial. IMX had sought about $6 million in damages in the lawsuit, which was filed in November 2003. LendingTree officials said today they will ask the judge to set aside the verdict and are considering an appeal. The Delaware District Court jury found that LendingTree "has literally infringed" on 23 claims of a patent held by IMX, and that LendingTree willfully infringed on the IMX patent. "Literal infringement" means that every element of a patent's claim can be literally found in the device or process that allegedly infringed on that patent. IMX Exchange for Brokers, which launched in 1997, is a platform that allows brokers to get fully adjusted pricing on posted loans from participating lenders, and to conduct loan-purchase transactions online. LendingTree, which launched in ...