A recent copyright case between Xceligent and CoStar has finally come to a close after years of proceedings. It set a record with the award given out: $500 million. However, the money that will be paid by the insurance company involved in the suit is much lower, at just $10.75 million.
The case stems from the allegation that Xceligent stole “tens of thousands” of different images, which were being stored on the databases run by CoStar. It is that action that led to the ruling that they had caused $500 million in damages.
However, since this has now dragged on for years, Xceligent has declared bankruptcy. That move came back in Dec. 2017. The company used liquidation bankruptcy, or Chapter 7. Therefore, they had to sell off their assets to pay back their creditors.
At the time, the case seemed to fade and some wondered if that was the end of it. Now, almost two years later, the ruling has finally come down. Of course, the bankrupt company does not have $500 million in cash or assets and cannot pay the full amount, which is why the insurance company will pick up the much smaller tab.
This is a fairly complex case that shows how many twists and turns you may see with copyright law, bankruptcy filings and other legal maneuvering. If you find yourself involved in a case like this, it is absolutely crucial that you understand exactly what rights you have and what legal steps you need to take. It’s essential to have an experienced attorney on your side.