A Las Vegas real estate brokerage is suing a competitor, charging it’s competing unfairly by using confidential information provided by a defecting sales executive.
Coldwell Banker Wardley Real Estate filed suit this week in Clark County District Court against former Coldwell Banker agent Mark Otero and his new company, Realty One Group.
The lawsuit alleges that after Otero left Coldwell Banker on March 23, he contacted Coldwell Banker customers, employees, vendors and suppliers "to interfere with their relationship and/or contract with Coldwell Banker."
Coldwell Banker claims Otero has induced at least seven Coldwell Banker agents to leave that company and join Otero at Realty One – and this conduct violates his non-solicitation and non-compete agreements with Coldwell Banker.
Realty One has "knowingly and willfully facilitated and participated in Otero’s" alleged contractual breaches, the suit charges.
"Otero and Realty One continue to wrongfully and intentionally solicit other agents at Coldwell Banker to terminate their contracts and leave Coldwell Banker to join Realty One with a specific incentive of waiving monthly fees and other incentives," the lawsuit alleges.
The suit seeks unspecified compensatory and punitive damages, an injunction blocking the defendants from using Coldwell Banker’s trade secrets and an injunction blocking Otero from violating his non-compete and non-solicitation agreements.
The trade secrets at issue, the lawsuit says, include lists of property listings, agents, clients, manuals and marketing information.
Realty One said Friday it could not comment on the lawsuit until it receives and reviews the complaint.