11-09-2009, 12:10 PM
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I make pixels work
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SnapNames Hit with Class-Action Suit over Juiced Domain-Name Auction Bids
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The lawsuit alleges a former SnapNames vice president ? reportedly Nelson Brady, who became one of the company?s first employees in 2000 and served as the architect for the auctions? technological infrastructure ? secretly bid on tens of thousands of domain-name auctions, thereby inflating purchase prices and creating greater profits for Portland, Ore.-based SnapNames and its Los Angeles-based parent company, Oversee.net.
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?Though on some occasions the [SnapNames] employee won the auction, in many instances the bidding caused the ultimate auction winner to pay more for a name than had the employee not participated in the auction,? Kupietzky and Snyder wrote in their email. ?SnapNames neither condones this conduct nor wants to be perceived as benefiting from the conduct. Accordingly, we have decided that regardless of the circumstance, in every auction where the employee?s fictitious account submitted a bid which resulted in a higher price being paid by the winning bidder, SnapNames will offer a rebate, with 5.22-percent interest (the highest applicable federal rate during the affected time period), to affected customers for the difference between the prices they actually paid and the prices they would have paid had the employee not bid in the auctions. The rebate will be available in cash or in credit on the SnapNames platform, at your discretion.?
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Whole Story Here |
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