twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


DocMagic Expands Lawsuit Against Ellie

Amended complaint filed based on IPO data

May 13, 2010

By MortgageDaily.com staff


After reviewing Ellie Mae's registration statement, DocMagic Inc. has expanded its lawsuit against the mortgage technology provider. DocMagic claims the public filing shows how Ellie has profited by stealing DocMagic's intellectual property.

An amended complaint was filed in U.S. District Court for the Northern District of California on Monday by Carson, Calif.-based DocMagic, according to a copy of the filing provided by DocMagic -- which claims to be "the largest loan document production company in the U.S."

In its original complaint filed in August 2009, DocMagic claims Ellie terminated it from the ePASS Network and "took drastic steps to prevent hundreds of current DocMagic/Encompass users from accessing DocMagic products through unfair and anticompetitive behaviors, including sabotaging its clients by preventing access to DocMagic through alternative (non-ePASS) Web service calls."

DocMagic said its amended complaint significantly expands the allegations and claims initially made against the Pleasanton, Calif.-based technology service provider. Additional claims under the Lanham Act included unfair competition, false advertising and copyright infringement. Other claims were added for trade secret misappropriation, a request for a declaratory judgment that DocMagic didn't infringe upon Ellie's copyrights and that Ellie has no claim to the ownership of its client's loan data.

Ellie, through a spokeswoman, said it cannot comment because it is in a quiet period leading up to its initial public offering, which was disclosed in a FORM S-1 filing with the Securities and Exchange Commission on April 30.

But DocMagic President and Founder Dominic Iannitti was in no quiet period.

"Now that we have had the opportunity to review Ellie Mae's financial performance in its IPO Prospectus filed with the Securities Exchange Commission, it appears that the only financial success Ellie Mae can claim in the last two years is tied directly to the document preparation business, much of which is based on business and intellectual property stolen from DocMagic and others in violation of federal and state laws," Iannitti said in the statement. "The more we discover about their conduct, the more compelled we are to make sure that the full scope and breadth of it is brought under scrutiny."


DocMagic Inc., a California corporation, Plaintiff, v. Ellie Mae Inc., a Delaware corporation, Defendant.
Case No. CV 09 4017, Aug. 28, 2009 (U.S. District Court for the Northern District of California).


next story

back to current headlines


Mortgage Technology news
Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders