Manatt Wins $25M Jury Verdict in Data Theft Case

Shout-Out: Sidley and Manatt Win a $25M Jury Verdict in Corporate Spy Case
– Litigation Daily

American Lawyer Media's Litigation Daily featured Manatt's trial victory on behalf of Orange County-based Mount Olympus Mortgage Co. (MOMCo), for which the firm helped secure a $25.1 million verdict in a suit against Guaranteed Rate, Inc., the second-largest private mortgage bank in the country, and a former MOMCo employee.

Co-chaired by litigation partner Emil Petrossian, the case involved the massive theft of MOMCo's loan files and customer data by Guaranteed Rate and the former employee. Guaranteed Rate used the stolen data to fund hundreds of millions of dollars of residential mortgage loans, causing MOMCo to lose significant profits.

As reported by Litigation Daily, an Orange County Superior Court jury sided with MOMCo in a verdict that included $13 million in punitive damages against the ex-employee and competitor Guaranteed Rate. The jury found the defendants liable on all counts, which included breach of contract and breach of fiduciary duty and fraud by the former employee and violations of California Penal Code Section 502(c) by both defendants.

Read the article here