Friday, May 28, 2010

SnapNames VP Responds To Oversee Lawsuit

The former vice president behind the huge, shill bidding scandal at Oversee.net's SnapNames unit has responded to Oversee.net's lawsuit, saying that--although his actions were "improper"--he only made the bids to purchase website domains he thought had "legitimate value" and to provide "financial security" for himself. According to the report from the Oregonian, the admissions came in a legal filing this week from Nelson Brady, the former VP at the center of the bidding scandal. Oversee sued Brady earlier this month, seeking over $33 million in damages, including punitive damages, for Brady's role in boosting auction bids at SnapNames. SnapNames auctions off expired and expiring domain names. The Oregonian reports that Brady offered to refund $175,000 related to the bids, but was refused. Oversee.net said earlier this month that "no amount of money" could compensate for the damage that Brady caused to Oversee.net's and SnapNames' reputation in the market.

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