CoStar Group (CSGP) Refutes LoopNet's (LOOP) 'Evidence' of Unlawful Activity

June 9, 2009 4:49 PM EDT

CoStar Group, Inc. (Nasdaq: CSGP) refuted LoopNet's supposedly "irrefutable evidence" of unlawful activity. Specifically, in response to LoopNet's (Nasdaq: LOOP) unsupported claims, CoStar announced that a settlement agreement entered into by the parties in 2005 expressly permits the very activity that LoopNet now complains of -- namely, the access by CoStar to information created and uploaded by brokers to broker-owned websites and to broker-created advertisements appearing on non-password protected areas of LoopNet's website.

"CoStar categorically denies any wrongdoing. We have had a very specific agreement with LoopNet for the past four years that allows us to access information that appears on LoopNet's publicly available website, and LoopNet's lawsuit and its efforts to block CoStar's valid use of this information is a breach of that agreement," stated CoStar Group General Counsel Jon Coleman.

"LoopNet has apparently decided that it no longer wishes to abide by the terms of the settlement agreement it made four years ago," added Coleman. "Instead, it has chosen to litigate and issue press releases in a blatant attempt to mischaracterize CoStar's legitimate use of LoopNet's web site, which LoopNet knows is permitted under the terms of our agreement. LoopNet should honor the agreement it signed and drop its lawsuit." [SM]

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