General World News

loanDepot sues Movement for poaching LOs

loanDepot is accusing its competitor Movement Mortgage of damaging its business by hiring over 25 employees in three months and “effectively crippling” “now-depleted” branches.

The poaching lawsuit, filed on June 22 at a federal district court in Delaware, states that South Carolina-based Movement recruited and hired its employees in late 2021 and early 2022 to take trade secrets and confidential information. It also accuses Movement of inducing these employees to breach contracts by soliciting others to leave loanDepot. 

A Movement representative did not return a request for comments. 

A spokesperson for loanDepot said, “Inducing individuals to breach contractual details ⇒

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