Law Firms
Suit Claims Law Firm Misappropriated Mortgage Lending Software
Posted Jun 30, 2008, 05:18 am CST
By Debra Cassens Weiss
Two software companies have filed a lawsuit that claims Dallas law firm McGlinchey Stafford and Youngblood & Bendalin misappropriated their mortgage loan software.
The suit claims the law firm earned millions of dollars in fees for work performed using the software without permission, Texas Lawyer reports.
The plaintiffs, Compliance Source Inc. and Digital Docs Inc., say their software stores data from the loan origination process and automatically provides mortgage lenders with legal documents needed to process the loans. Their suit says the form database was the most valuable intellectual property in the software.
The suit claims the law firm apparently obtained access to the software through work done for GreenPoint Mortgage Funding Inc., according to the story. The law firm denies the allegations.
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