LendingTree (TREE) Files Suit against Mortech, Inc.
LendingTree (Nasdaq: TREE) filed a lawsuit yesterday against Mortech, Inc., a technology provider, for violating its contract with LendingTree. According to the lawsuit, Mortech, whose technology helps automate lender offer pricing, violated its contractual covenants by partnering with Google (Nasdaq: GOOG) to launch an online mortgage loan aggregator service similar to LendingTree.
Despite repeated efforts, LendingTree was unsuccessful in resolving the dispute amicably and therefore took legal action. LendingTree has filed a motion for a temporary restraining order and preliminary injunction enjoining Mortech from assisting Google. A hearing has been scheduled for September 2.
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