Jan 18, 2008
Unanimous Jury Finds in Favor of CoStar CEO Florance in Blount Defamation Case
2003-12-04 2003 Unanimous Jury Finds in Favor of CoStar CEO Florance in Blount Defamation Case Jury Finds No Evidence of Tortious Interference, Rejects Blount's Bid fo...
2003-12-04 2003 Unanimous Jury Finds in Favor of CoStar CEO Florance in Blount Defamation Case Jury Finds No Evidence of Tortious Interference, Rejects Blount's Bid for Punitive Damages
BETHESDA, MD -- An eight-person federal jury unanimously found in favor of CoStar Group, Inc. President & CEO Andrew C. Florance in claims brought by Andrew Blount in the case Blount v CoStar Realty Information, Inc. et al., Case No. SACV 02-520-GLT, the Company announced today. In addition, the jury unanimously rejected Blount's claim that CoStar or its CEO tortiously interfered with Blount's business relationship with CB Richard Ellis, a mutual client. The case was tried in the U.S. District Court for the Central District of California.
The jury did award $255,000 in compensatory damage to Blount on his defamation claim against CoStar. The Company believes that amount, as well as substantially all of its legal fees, is covered by insurance. The Company is nonetheless considering appealing the award on several grounds, including that it believes that there was no evidence of any defamation.
About CoStar Group, Inc.
CoStar Group, Inc., (NASDAQ: CSGP) is the leading provider of information services to commercial real estate professionals in the United States and the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information on 50 U.S. markets, London and the United Kingdom. Based in Bethesda, MD, the company has approximately 850 employees in 35 offices throughout the United States and the United Kingdom, including the largest professional research organization in the industry.