Things got ugly after iCollector went bankrupt several years ago, and ramifications were felt last week.
iCollector worked with live auction houses to enable them to post auctions on eBay's live auction platform, eBay Live Auctions (http://www.ebayliveauctions.com). Ableauctions.com Inc. acquired London-based iCollector in September 2001 after the bankruptcy, and subsequently filed a lawsuit against a former employee of iCollector who had gone on to form his own company.
Ableauctions.com announced last week that a jury in the Supreme Court of the State of New York, County of New York, found in its favor and iCollector.com Technologies Ltd. (iCollector) in the suit brought against Liveauctioneers LLC, and its CEO and founder, Julian Ellison.
According to the Ableauctions.com press release, a jury found that Ellison breached the fiduciary duties owed to iCollector during the time which he performed services for iCollector and found that Liveauctioneers LLC, Ellison, and John Ralston engaged in unfair competition. The jury returned a verdict awarding the Company and iCollector $417,300 in damages.
LiveAuctioneers' Ellison said in response to the announcement, "Although we are disappointed in the jury verdict, we are gratified that Ableauctions did not prevail on any of its claims for injunctive and other relief which it asserted in an attempt to interfere with our relations with our clients and eBay. The decision will not in any way affect the commitment we have to our clients in providing the highest possible level of service. LiveAuctioneers is proud to serve more than 220 of the finest auction houses in the United States and Europe. We look forward to a long and mutually beneficial relationship with them."
