In an emailed statement, a Realtor.com spokesperson wrote that Move decided to dismiss its trade secrets lawsuit against CoStar in part to Kaminsky no longer being employed by CoStar. The Andy Florance-helmed firm had previously placed Kaminsky on administrative leave.
“After catching our ex-employee brazenly accessing our strategy documents while employed at CoStar, we acted decisively, launching legal action to halt and prevent any ongoing exploitation of our intellectual property,” the spokesperson wrote. “Given that he is no longer employed by CoStar and we have a settlement in place, we have chosen to dismiss our trade secrets lawsuit against CoStar because the risk of additional misuse has been mitigated. Our commitment to safeguarding our trade secrets remains unwavering and uncompromising.”
Originally filed in early July 2024, the lawsuit alleges that Kaminsky, who at the time was employed by Homes.com after being laid off by Realtor.com stole trade secrets from Move in order to fuel the rapid growth of Homes.com.
Since the suit’s original filing, CoStar has maintained that the suit is nothing more than a publicity stunt on the part of Move.
“This lawsuit was a PR stunt from the start – ridiculous, and totally devoid of merit,” Florance said in a statement. “Nine months later, after a warning from our lawyers about sanctions, Move folded. We did not settle. We didn’t pay a dime. Move simply capitulated. From the beginning, Move had no evidence linking CoStar Group to any trade secrets, and this dismissal proves it. This was a desperate, anticompetitive stunt to slow down Homes.com as we passed Realtor.com in the marketplace.”
The suit was the latest development in what has become a long-running feud between Homes.com and Realtor.com. The two have spent much of 2024 debating who holds the title of second-largest listing portal behind Zillow, with Realtor.com alleging that Homes.com’s claims that it is the No. 2 portal in terms of traffic and impressions are false.