IRVINE and SILICON VALLEY, Calif., May 10, 2017 /PRNewswire/ -- Ten-X, LLC, the nation's leading online real estate marketplace, announced today that it has reached an agreement with CREXi, Inc. to settle a lawsuit relating to the latter's theft of trade secrets and breach of contract.
The settlement agreement concerns a complaint filed by Ten-X in California Superior Court against CREXi and its founder Michael DeGiorgio in April 2016, which alleged claims for breach of contract and misappropriation of trade secrets. Under the terms of the agreement, CREXi has agreed to pay $1.6 million to Ten-X. In addition, CREXi will be subject to certain ongoing restrictions, including a prohibition against using Ten-X property.
In a joint statement released by the parties, Mike DeGiorgio said: "We apologize to Ten-X for the actions which led to this lawsuit. I regret my conduct at the time I departed Ten-X and believe that the settlement is a fair resolution."
Ten-X CEO Tim Morse stated: "We are pleased that this litigation has been brought to a successful resolution by our legal team. Ten-X has a 10-year track record of bringing innovation to the commercial real estate marketplace, and our employees expend tremendous effort developing products and services to create greater efficiencies for real estate buyers, sellers and brokers."
Added Morse: "These legal proceedings highlight the very serious consequences that face entrepreneurs who steal the intellectual property of a former employer to launch a venture that competes with that employer. We hope that the outcome of this matter – both the injunction we obtained in the fall and the ultimate settlement of the case – sends a message that Ten-X will vigorously protect its rights when necessary."
Ten-X is the nation's leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 275,000+ residential and commercial properties totaling nearly $46 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include CapitalG (formerly Google Capital) and Stone Point Capital. For more information, visit Ten-X.com.