Extra landlords are inking settlements within the RealPage rent-fixing litigation.
The settlement agreements of 11 landlords have been just lately disclosed in filings related to a class-action case within the U.S. District Court docket for the Center District of Tennessee, Bisnow reported. The settlement agreements of these defendants add as much as greater than $218 million.
A number of of the settlements referenced within the filings had already been publicly disclosed: Fairness Residential agreed to pay $56 million, whereas Camden Property Trust and Mid-America Communities every agreed to pony up $53 million.
Different distinguished landlords to succeed in settlement agreements embody Cortland Administration ($18 million), Lincoln Property Firm ($12 million), Associated Corporations ($5 million) and Trammell Crow Residential/Crow Holdings ($2.1 million).
The entire settlement agreements contain the elimination of nonpublic rental data from databases allegedly utilized by RealPage software program. The corporations is not going to be allowed to make use of the software program to assist set rental costs. The entire corporations additionally denied legal responsibility.
Greater than two dozen landlords and property managers agreed in October to a preliminary $141 million settlement within the class-action lawsuit, which alleged a rent-fixing scheme. Greystar contributed the biggest portion of that settlement at $50 million, whereas different corporations like BH Administration, Brookfield and Pinnacle Property Administration Providers sought to settle.
Litigation in opposition to RealPage launched after a 2022 ProPublica article that detailed how its YieldStar software program — which has since been rebranded to AI Income Administration — could inflate rents and suppress competitors throughout the nation based mostly on its algorithm.
The Division of Justice filed its personal swimsuit, elevating industrywide questions on whether or not sharing aggregated, anonymized hire knowledge, as is central in RealPage’s software program, may very well be construed as collusion.
In November, RealPage reached a settlement with the DOJ, absolving the corporate of monetary penalties and admissions of wrongdoing, depending on the corporate committing to platform modifications and agreeing to impartial oversight.
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