RIA Database, a financial services software firm, announced today the end of a yearlong legal battle with the company’s chief rival, Discovery Database (Discovery), operated by The Financial Information Group (TFIG). Under the terms of the settlement, Discovery will pay RIA database $2.5 million.
Discovery filed a lawsuit in April 2007, accusing Founder and President of RIA Database, Julie Cooling, of stealing data and intellectual property. In response, RIA Database and Cooling filed a counterclaim for defamation and tortious interference against Discovery.
In a comment, Discovery said it is pleased that it has resolved its dispute with Ms. Cooling and her company.
RIA Database works with Registered Rep., and compiled the data for our America’s Top RIAs list, which was featured in the magazine’s March issue. Founded in 2006, RIA Database provides web-based, searchable data for the financial services industry, and maintains current profiles and contact information for more than 28,000 RIA firms.