The U.S. Federal Trade Commission has reached a settlement resolving an antitrust case against Zillow Group Inc. and Rocket Companies Inc.’s Redfin. The agency had accused the real estate listings companies of striking a deal to suppress competition in online rental advertising.
Federal regulators alleged that a $100 million deal between Redfin and Zillow stifled competition for apartment listings. The FTC and various states were prepared to argue at trial that this partnership drove up costs for landlords and decreased listing quality.
The settlement resolves the claims against the two companies and requires Redfin to reenter the rental advertising business.