Wednesday, December 5, 2012
TechForward Wins Lawsuit Against Best Buy
Los Angeles-based TechForward, the provider of guaranteed buyback plans for electronics which was founded by Jade Van Doren and Marc Lebovitz, has just won a $27M lawsuit it filed against Best Buy. TechForward sued Best Buy in February of 2011, over Best Buy's creation of a near clone of TechForward's business. TechForward was venture backed by New Enterprise Associates and First Round Capital, and had initially launched its services in 2007. TechForward's buyback program had allowed consumers to lock in a trade-in price for their electronics--ahead of time--guaranteeing a specific buyback price in the future. Unfortunately, the lawsuit win comes too late for TechForward itself, which recently sold its assets to SquareTrade.