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SnapNames said this afternoon that it has settled a lawsuit against a former executive who admitted rigging the company's online auctions, along with a related class-action suit against the company.
Portland-based SnapNames is a major player in the market for domain names -- the Internet address Web surfers type in to their computer browser. The company buys expiring domains and auctions them off online.
SnapNames reported a year ago that a former vice president, Nelson Brady, had been secretly participating in the auctions from 2005 to 2009.
"Using the fictional name Hank Alvarez, Mr. Brady was improperly bidding against SnapNames customers using that fake identity," said Mason Cole, vice president of communications for Oversee.net, SnapNames' California-based parent company.
SnapNames has 21 Portland employees. It fired Brady last year and sued him in May, seeking as much as $33 million in damages and penalties. The company itself was sued by class-action attorneys seeking damages for SnapNames customers.
Meanwhile, SnapNames promised to refund customers the difference between what they paid and what they would have paid, had Brady not been bidding up the domains' prices.
Read More:
http://blog.oregonlive.com/siliconforest/2010/10/snapnames_settles_lawsuit_agai.html
Portland-based SnapNames is a major player in the market for domain names -- the Internet address Web surfers type in to their computer browser. The company buys expiring domains and auctions them off online.
SnapNames reported a year ago that a former vice president, Nelson Brady, had been secretly participating in the auctions from 2005 to 2009.
"Using the fictional name Hank Alvarez, Mr. Brady was improperly bidding against SnapNames customers using that fake identity," said Mason Cole, vice president of communications for Oversee.net, SnapNames' California-based parent company.
SnapNames has 21 Portland employees. It fired Brady last year and sued him in May, seeking as much as $33 million in damages and penalties. The company itself was sued by class-action attorneys seeking damages for SnapNames customers.
Meanwhile, SnapNames promised to refund customers the difference between what they paid and what they would have paid, had Brady not been bidding up the domains' prices.
Read More:
http://blog.oregonlive.com/siliconforest/2010/10/snapnames_settles_lawsuit_agai.html
