Craigslist Told to Play Nice With eBay

Thursday, Sep 9, 2010  |  Updated 4:15 PM PDT
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Craigslist Told to Play Nice With eBay

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Craigslist CEO Jim Buckmaster has an executive producer credit for the new Craigslist TV online reality show.

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A judge has ordered Craigslist to reverse two moves it made that hurt one of its biggest investors -- eBay.
     
The moves diluted eBay's share of the company, bought in 2004, and made it harder for eBay to sell the interest and to name a director to Craigslist's board.
     
Those changes were made after eBay's growing challenge of Craigslist's position in online classifieds led to a falling out.
     
eBay sued in 2008. A nine-day trial was held last year.

On Thursday, a judge in Delaware's Court of Chancery ruled that Craigslist founder Craig Newmark and CEO Jim Buckmaster breached their fiduciary duties to eBay with the first two moves, and must rescind them.

The judge is letting stand the Craigslist move changing the naming of directors.

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