Charlotte-based Movement Mortgage sued by competitor LoanDepot

A lawsuit filed by Irvine, California-based LoanDepot alleges competitor Movement Mortgage unlawfully stole 25 of its employees and is seeking unspecified damages.

The lawsuit, filed on June 22 in the U.S. District Court for Delaware, claims Indian Land-based Movement Mortgage unlawfully poached 25 of LoanDepot’s team members during a three-month period in 2021. According to the 27-page complaint, LoanDepot states Movement “targeted recruiting and hiring” its employees, “effectively crippling certain of (LoanDepot’s) now-depleted branches and substantially damaging their business.”

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LoanDepot alleges Movement recruited the employees to take the company’s trade secrets, persuade LoanDepot’s former employees to violate their contracts, convince staffers to break their loyalty and fiduciary duties to LoanDepot and gain potential economic benefits.

Read more here.

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