A class action lawsuit was filed today in Miami-Dade County Circuit Court by an attorney who also seems to be the plaintiff.
The suit was filed on behalf of lead Plaintiff Carlos A. Cueto who says he participated in online auctions for domain names at SnapNames.Com, Inc.
The complaint alleges that , a former vice-president of SnapNames., Nelson Brady secretly bid on fifty thousand domain name auctions over the past four years, driving up costs for other bidders. It is alleged that the company executive set up an account on the Defendants’ system under a false name and, under the name, bid in online domain auctions run by SnapNames.Com, Inc. and Oversee.Net. As a result of the internal employee bidding, the suit alleges the prices to purchase a domain name were falsely inflated, leading to higher costs to buyers and greater profit for the defendants.
The class action lawsuit was brought by the Cueto Law Group law firm, (note the same last name of theplaintiff) is the first to be filed anywhere in the US in this case.
“Domain names are the last frontier for the average person to stake their claim on some very valuable property. The Defendants’ conduct has made it harder for people to do so and we intend to put a stop to this practice, which we perceive as being a major concern in the industry,” added attorney Santiago A. Cueto.
This is the first of what we think will be many suits filed in this action.
Last week e-mail were sent to anyone effected by the shill bidding with a settlement offer. However if you accept the settlement offer you waive your rights to bring any action against Oversee or Snapnames in the future on this set of facts