LendingTree says the result of a patent lawsuit “will have no meaningful effect” on the company or customers.
Earlier this week, IMX Inc., a Houston-based company, was awarded $5.8 million in a patent lawsuit against LendingTree involving how lenders and borrowers exchanged information.
“This case will have no meaningful effect on how our lenders and customers interact with LendingTree,” said Tom Reddin, chief executive officer of IAC Financial Services and Real Estate, which is the parent of LendingTree. “The patent does not go to the heart of the LendingTree proposition and, if the verdict were to be upheld, LendingTree could easily design around it without impact to either the consumer or lender experience.
“LendingTree will continue to provide the same level of quality service to both consumers and lenders, and the fundamentals of our consumer proposition will remain the same — consumers will continue to use the LendingTree marketplace to find lenders that will compete for their business,” he added.