I assume that many of you remember the lawsuit that was filed as a class action against FNC back in the Summer of 2007?
"Plaintiffs allege, FNC has acquired and compiled this proprietary appraisal data into a “National Collateral Database,” where it may be accessed by subscribing lenders and other market participants."
Would you believe that It's STILL going on!!? That's right! At the bottom of this post is a complete audio file of testimony and rebuttals before a panel of judges.
Here's just a sample of the testimony that starts around twenty-seven minutes into the proceedings . . . .
Attorney: “In that sense, uh, uh, the statements were made to the users, not to uh competitors. The misrepresentations were not anti-competitive in the traditional sense of a Lanham Act Claim. The relevant inquiry, we would submit, is the relationship of the parties as it pertains to the challenge against the statements. And here, the misstatements were made to the plaintiffs appellants that as simply as users of. . .” (huh?)
Judge: Give us your data and we will keep it confidential and when basically then you take the data and dump the competition . . . that’s the allegation.
Attorney: That’s the allegation your Honor. As a factual matter we will argue that stating that the data will be secure refers to the security of the transmission not to ultimately who would use it.
Judge: “We won’t let anyone else have it . . . we can use it.”
Attorney: But, but, that’s uh . . .
Judge: I hope you can sell that distinction to a jury (snicker) . . .because what that says is “We can have your data. We’re gonna protect it. Don’t worry we won’t let anybody steal it . . . .we’re gonna use it!”
Attorney: Well, uh, Your Honor, I think that at bottom what they’re suggesting . . .
Judge: That legal issue is just not gonna fly . . . .