loanDepot (LDI) wins preliminary injunction against CrossCountry Mortgage
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In a significant legal victory for loanDepot (NYSE: LDI), the United States District Court for the Northern District of Illinois (the "Court") yesterday granted LDI a preliminary injunction against CrossCountry Mortgage, LLC and six former loanDepot employees now employed by CrossCountry (the "Defendants").
The Court found "there is a likelihood of success on all of loanDepot's claims against the Defendants," including its claims that CrossCountry and the six former LDI employees misappropriated loanDepot trade secrets, that CrossCountry aided and abetted contractual and fiduciary violations by these recent hires, and that CrossCountry was responsible for tortious interference with the former employees' contracts with loanDepot. The Court enjoined CrossCountry and the individuals from, among other things, accessing, using, or reproducing numerous loanDepot documents and data that Defendants improperly acquired. The Court further enjoined these individuals and anyone acting in concert with them—including CrossCountry—from contacting or soliciting numerous loanDepot customers as described in its order.
loanDepot, Inc. President and CEO Frank Martell said "We are extremely pleased with the Court's ruling. loanDepot will continue to vigorously protect its interests."
James Witz, lead outside counsel for loanDepot, added, "The court's ruling underscores the likelihood of success on our claims in this case. We are pleased that the Court entered a preliminary injunction against both CrossCountry and the individual defendants. loanDepot takes the protection of its trade secret and confidential information, and contractual agreements with its employees, very seriously."
loanDepot is represented in this matter by Witz, Jessica Pizzutelli, and Colton Long of Littler Mendelson, PC.
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