A Newmark appraisal division that had been seeking damages from a former Chicago-based appraiser for allegedly misappropriating documents has reached a settlement agreement with its one-time employee, according to court records.
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Newmark Valuation & Advisory and Bryan Younge filed a joint stipulation Thursday discontinuing the legal action “with prejudice and without costs to any party.” This means the lawsuit can't be refiled.
A New York County Supreme Court judge entered an order dispensing with the matter later that day.
The stipulation and discontinuance follow a March 14 letter to the judge alerting him that both parties had executed a settlement agreement, which would “resolve all of Newmark’s claims.”
Details of the confidential settlement weren't disclosed in court documents and Newmark did not respond to requests for comment on the resolution of the matter.
Younge said he was unable to comment on any details of the settlement, though he did provide a statement to Bisnow.
“As stated in court documents, the matter between Newmark and me was discontinued with prejudice and without damages to either party,” Younge said. “I'm very happy we are able to put this behind us.”
Newmark's valuation and advisory group had alleged Younge misappropriated “at least three categories of Newmark’s confidential and proprietary information,” including a work document it billed as “the blueprint” of its business when Younge left the company to develop a commercial appraisal business at Horwath HTL in Chicago at the end of 2024.
In a letter filed with the court March 5, Younge claimed he consistently negotiated in good faith with Newmark after leaving the company and actively pursued an amicable resolution. Younge's letter alleges Newmark “abruptly cut off all communication on February 12th when we were on the verge of an agreement” after “issuing an ultimatum that I sign a misleading affidavit within an unreasonable 24-hour window.”
Younge also wrote that Newmark had failed to provide proof of actual and imminent irreparable harm and denied claims he solicited former Newmark clients in his new role or inappropriately made off with a document billed as “the Job Data Export file” — the document alleged by Newmark to be its business blueprint.
“Moreover, it was Newmark's own attorney who explicitly authorized me to retain the Job Data Export file to verify the accuracy of my final paycheck calculation,” Younge alleged in the letter. “Therefore, the claim of improper retention or misuse is without merit.”
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