LendingTree LLC has reportedly sued Zillow Inc., Adchemy Inc., NexTag Inc. and QuinStreet Inc. alleging patent infringement regarding online lending services.
According to a Reuters report published Thursday, LendingTree patents created in 2002 and 2003 allow prospective borrowers to essentially submit one loan application to multiple lenders. The lenders ‘then compete to win that borrower's business,’ Reuters explains. LendingTree is claiming lost profits.
A spokesperson with LendingTree says the company does not comment on ongoing litigation, adding, ‘LendingTree vigorously protects our intellectual property rights and we continually police and enforce those rights.’