"Marx Sterbcow, the managing attorney of Sterbcow Law Group, noted that the current FTC is taking a hard look at potential antitrust cases involving technology companies. It is not unexpected that the FTC is taking action. The folks that are leading it right now have strong backgrounds in technology antitrust actions and this is a technology issue that they felt strongly enough about, Sterbcow said."
"The practical outcome of the agreement is obvious: Redfin has terminated its existing multifamily advertising business operations and, for the duration of the agreement, has stopped competing to provide [Internet Listing Services] advertising for multifamily properties, the FTC's filing states. The wholesale elimination of critical competition in this highly concentrated space will harm rental advertisers and the Americans who rely on ILSs to find their next home."
Federal and state regulators filed lawsuits accusing Zillow and Redfin of conspiring to eliminate competition in the rental listing space through a syndication agreement. The suits allege the agreement violated antitrust laws and Section 5 of the FTC Act and led Redfin to terminate its multifamily advertising operations and stop competing in ILS advertising for multifamily properties. Regulators argue the deal wholesale eliminated critical competition, harming rental advertisers and consumers who use ILSs. Current FTC leadership brings technology antitrust experience and is focused on monopolization concerns. Experts say such agreements face intense scrutiny and require pro-competitive justifications.
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