Monday, November 26, 2012

LendingTree reaches settlement in patent infringement suit

Charlotte-based LendingTree and its parent company announced that a settlement has been reached in the company's patent infringement lawsuit against QuinStreet, Inc..

QuinStreet, which operates and, will now license LendingTree's technology and no longer question its patent, according to a news release.

LendingTree owns a patent it claims gives it the right to a system that allows people to fill out a single loan application online and have different mortgage companies bid on their business.

The company sued a number of other firms that later started similar loan-matching websites in 2010, and settled with Leadpoint last year. Suits are still pending against Zillow, Adchemy, and Nextag, which all operate similar systems. A trial is scheduled for 2014.

LendingTree has found itself on the other end of patent suits in recent years. In 2010, it paid Source Search Technologies LLC about $9.5 million to settle claims that LendingTree infringed on SST's online transaction patents.