BrokerageIndustry News

Major Chicago brokerage sues former company officials

Lawsuit alleges departing exec took proprietary data

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A lawsuit filed by a major Chicago real estate brokerage alleges that an executive raided confidential and proprietary information and recruited away employees before he left to lead a rival company. Koenig & Strey GMAC Real Estate and GMAC Home Services LLC filed the lawsuit against its former executive vice president and general manager who now serves as president and chairman of the board for Prudential Preferred Properties in Chicago. The lawsuit also names Midwest Realty Ventures LLC, which is doing business as Prudential Preferred Properties, and two other former Koenig & Strey GMAC Real Estate officials who now work at the rival Prudential company. Two other lawsuits have been filed against Midwest Realty Ventures by Chicago-area brokerage companies, the Chicago Tribune reported. These lawsuits have alleged that former officials at Habitat Company Brokerage and Baird & Warner Residential Sales broke their employment contracts in leaving to work for Prudential. Habita...