RIA DATABASE News

Discovery Database to Pay RIA Database $2.5 Million to Settle Lawsuit

CHARLOTTE, N.C., June 18 PRNewswire — RIA Database, operated by Labworks, LLC, a financial services software firm, announced today the end of a year-long lawsuit brought by the Company's chief competitor, Discovery Database (Discovery), operated by The Financial Information Group (TFIG). The initial suit, filed by Discovery in April 2007, falsely accused Julie Cooling, Founder and President of RIA Database, of stealing data and intellectual property. RIA Database and Ms. Cooling filed a counterclaim for defamation and tortious interference against Discovery Database, Nick Stuller, and Bob McAlonie. Discovery Database is to pay RIA Database $2.5 million in settlement of all counterclaims.

"We certainly believe that the settlement demonstrates an acknowledgment by Discovery that its actions and accusations were false," Cooling said. "We are pleased that the lawsuit is behind us and we can focus our resources on servicing our clients and expanding our business. We are grateful to our clients who believed in us in the face of Discovery's false allegations."

About RIA Database

RIA Database is a leading provider of Web-based, searchable data for the financial services industry. Founded in 2006, RIA Database maintains current profiles and contact information on more than 28,000 registered investment adviser firms. For more information, visit www.RIADatabase.com

SOURCE RIA Database

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