national
FTC Reaches Settlement With Zillow and Redfin Over Rental Competition Lawsuit
Just the facts
The Federal Trade Commission finalized a settlement with real estate platforms Zillow and Redfin to resolve allegations that a commercial partnership between the two companies violated federal antitrust laws. Federal regulators alleged that Zillow paid Redfin $100 million to eliminate Redfin's standalone rental advertising services and host Zillow listings exclusively. Under the terms of the settlement, Redfin and Zillow must remove restrictive provisions from their commercial agreement, and Redfin is required to re-enter the rental advertising market independently. Officials from the agency stated that restoring market competition will decrease advertising costs and increase listing options for property managers and renters.
Why this is news
The Federal Trade Commission announced a settlement resolving an antitrust lawsuit against real estate platforms Zillow and Redfin regarding rental advertising listings. The agreement was reached on the morning the case was scheduled to begin trial in a Virginia federal district court.
Developments timeline
- The Arizona Attorney General announced a separate $2 million state settlement with Zillow and Redfin requiring the companies to terminate their commercial listing agreement within Arizona.
Sources
This summary is compiled strictly from the original reporting below.