Ellie Mae DocMagic Come to Terms on Antitrust Settlement

Ellie Mae DocMagic Come to Terms on Antitrust Settlement

first_img in Government, Secondary Market, Servicing, Technology Ellie Mae, DocMagic Come to Terms on Antitrust Settlement Share After a three-year battle, “”Ellie Mae””:http://www.elliemae.com/ and software developer “”DocMagic””:https://www.docmagic.com/ reached a settlement over an antitrust suit, the companies announced jointly.[IMAGE]DocMagic first filed against Ellie Mae in August 2009, alleging “”antitrust violations, intentional interference with contractual relationships, interference with prospective economic advantage, and unfair competition,”” according to a company release sent out at the time. DocMagic also claimed Ellie Mae misused its intellectual property in Ellie Mae’s own Docs system.According to DocMagic, the company’s access to the ePASS network was terminated by Ellie Mae, which then “”subsequently took drastic steps to prevent its users from accessing DocMagic products through unfair and anti-competitive behavior,”” including the transferal of DocMagic users to Ellie Mae’s own loan document service.””These kinds of actions create unnecessary problems for our industry and the flow of business which only hurts the customers we serve, and our industry’s recovery,”” DocMagic CEO Dominic Iannitti said at the time.The settlement comes after months of negotiation between the two companies and will restore their previous relationship.””This settlement ends the legal disputes and renews the former relationship between the two companies, with DocMagic agreeing to make its services available to lenders through the Ellie Mae Network,”” the companies said in a joint release. “”This agreement will enable the companies to focus resources on innovation and on enhancing the experience available to our mutual customers.””center_img Agents & Brokers Attorneys & Title Companies DocMagic Ellie Mae Investors Lenders & Servicers Processing Service Providers 2012-10-11 Tory Barringer October 11, 2012 427 Views last_img

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