CoStar Group (CSGP) and LoopNet Settle All Litigation

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December 2, 2009 9:24 AM EST

CoStar Group, Inc., (NASDAQ: CSGP) and LoopNet, Inc., today announced that they have settled all current litigation between the companies. The settlement resolves false advertising litigation in New York, breach of contract and unfair competition litigation in California, and copyright litigation in Maryland. No monetary consideration was involved.

In a joint statement, CoStar CEO Andrew Florance and LoopNet Chairman and CEO Richard Boyle said, "We both welcome this settlement and feel that it is in the best interest of our customers, shareholders and employees. We are pleased to put this litigation behind us, and focus on the needs of our customers and building value for our shareholders."