By Jody Godoy
Aug 24 (Reuters) - The U.S. Federal Trade Commission and a group of states settled with Zillow ahead of trial on Monday, ending claims the online real estate platform illegally paid Rocket Companies' Redfin $100 million to stop competing in apartment rental listings.
The FTC and five states were ready to argue at trial scheduled to start Monday that the Zillow-Redfin partnership drove up costs for landlords and decreased listing quality for renters. More than 30% of Americans rent their homes, according to census data.
Under the settlement, Redfin can continue to display Zillow ads on its sites but will resume its rental advertising business within six months, the FTC and states said.
While Democratic state attorneys general have clashed with the Trump administration on other matters, both the FTC and the states called the settlement a win.
#Monday #trial #godoy
Aug 24 (Reuters) - The U.S. Federal Trade Commission and a group of states settled with Zillow ahead of trial on Monday, ending claims the online real estate platform illegally paid Rocket Companies' Redfin $100 million to stop competing in apartment rental listings.
The FTC and five states were ready to argue at trial scheduled to start Monday that the Zillow-Redfin partnership drove up costs for landlords and decreased listing quality for renters. More than 30% of Americans rent their homes, according to census data.
Under the settlement, Redfin can continue to display Zillow ads on its sites but will resume its rental advertising business within six months, the FTC and states said.
While Democratic state attorneys general have clashed with the Trump administration on other matters, both the FTC and the states called the settlement a win.
#Monday #trial #godoy
22 days ago
