National Mortgage Insurance Corp. this week denied in court papers that it misappropriated trades secrets from the now defunct PMI Mortgage Insurance which is in run-off mode.
The allegations against NMIC were filed in Superior Court in Alameda County by Germaine L. Marks, PMI’s receiver. PMI filed for
NMIC, which has GSE approvals pending, said nothing that qualifies as a trade secret has ever been transmitted from PMI to NMIC.
“National MI continues to believe the litigation is without merit and looks forward to vindicating the hard work and dedication of its founders and employees,” the company said.
One of those founders is Bradley Shuster who ran PMI’s international operations until the company sold its Australian unit to QBE Group in 2008. After that he left PMI. He currently serves as chairman, president and CEO of NMI Holdings Inc., the parent of NMIC.
Filed late this summer, the complaint from Marks generally alleges use of PMI trade secrets but does not specifically say what those trade secrets might be—at least that’s NMI’s take on the case.
The defendants in the case include NMI Holdings, the MI unit, Shuster and others.
