DOJ Reached Settlement With LivCor Over Alleged Anticompetitive Rents
The DOJ reached a settlement with LivCor regarding allegations of collaborating with other landlords to artificially inflate rents using pricing algorithms.Summary
The Justice Department has reached a proposed settlement with LivCor as part of its ongoing effort to address alleged anticompetitive practices among landlords. The DOJ, along with state co-plaintiffs, initially filed a complaint against LivCor and five other landlords in January, accusing them of using competitively sensitive information shared through RealPage’s pricing algorithms to set rents. The settlement requires LivCor to cease using anticompetitive algorithms, refrain from sharing sensitive information with competitors, and cooperate with the DOJ’s claims against other defendants.
This settlement follows similar agreements with Cortland Management, Greystar Management Services, and RealPage itself. Greystar previously agreed to a $7 million settlement with nine states and a $50 million class action settlement related to its use of RealPage’s systems. RealPage’s settlement prohibits the company from using competitors’ data to determine rental prices.
According to Abigail Slater, assistant attorney general of the Justice Department’s Antitrust Division, “Landlords across America are on notice that the competition laws protect renters from the harms caused by competitors sharing competitively sensitive information or aligning prices, whether through an algorithm or otherwise.”
(Source：Pymnts)