The case was set to go to a jury trial today but both Zillow and Move, Inc have agreed to a settlement of $130 Million. Neither party admitted wrongdoing as part of the settlement.
Emails were released from both Zillow and Move.
From Zillow: “Today, we reached an amicable resolution to settle our lawsuit with News Corp. and the National Association of Realtors,” “The agreement allows us to put this litigation behind us, and continue our focus on innovation and the huge opportunity in front of us as the consumer-focused market leader.”
From Move: “We are pleased to have reached an amicable resolution of this litigation. We look forward to putting the matter to rest and returning our full focus to simplifying the real estate process for consumers and the real estate professionals who serve them.”
While the lawsuit originally claimed that Zillow damaged Move Inc potentially to the tune of $2 Billion, that figure had been trimmed significantly in recent weeks to potentially a much less but still huge settlement. Both sides have invested large amounts of time and money in the lawsuit.
As for how this affects Zillows stock price as well as moves, Zillow’s shares are rising in after hours trading as the amount of the settlement is now known. The true effect on the valuations of both companies will play out in the coming weeks and months.