EBay Claims Victory Over Craigslist In Suit
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EBay is claiming victory in its long-standing litigation with Craigslist, after a court reinstated its 28.4 percent stake in the classifieds site. EBay had sued Craigslist in April 2008, saying the classifieds site had “unfairly” diluted its ownership stake after eBay (NSDQ: EBAY) debuted its own competing classifieds site in the U.S. Craigslist countersued a month later, accusing eBay of using its minority stake in Craigslist to steal corporate trade secrets. The trial, which took place last year, brought out some striking revelations, including that Craigslist founder Craig Newmark had never actually visited the eBay classifieds site.
In a statement, eBay says the “court gave eBay what it sought from this lawsuit.” The reality, however, is more mixed, according to Classified Intelligence Report, which calls it a “split ruling.” While the judge reinstated eBay’s stake in Craigslist to 28.4 percent, up from the diluted 24.85 percent, eBay did not get a seat on Craigslist’s board, which it had been hoping for. Craigslist’s countersuit is also still pending.
Posted In: Advertising, Legal, Media & Publishing, craigslist, ebay
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