Zillow Inc logo

ZG - Zillow Inc News Story

$116.09 2.2  1.9%

Last Trade - 11/05/21

Sector
Financials
Size
Large Cap
Market Cap £19.97bn
Enterprise Value £18.25bn
Revenue £2.43bn
Position in Universe 456th / 6853

UPDATE 1-Zillow, National Association of Realtors face private antitrust lawsuit

Tue 9th March, 2021 4:44pm
(Updates with lawsuit available, description of dispute)
    WASHINGTON, March 9 (Reuters) - Zillow Group Inc  ZG.O 
faces an antitrust lawsuit filed on Tuesday that accuses it and
the National Association of Realtors (NAR) of anti-competitive
behavior connected to the listing for sale of homes on Zillow's
website, according to a court filing.
    An agreement between Zillow and the NAR resulted in Zillow
making it harder for buyers to find homes for sale that are not
associated with the NAR and Multiple Listing Services, according
to the lawsuit, which was brought by Real Estate Exchange Inc,
or REX.
    Multiple Listing Services are databases of properties for
sale in given regions used by members of the NAR and other
realty professionals.    
    Zillow said that it intended to "vigorously defend" itself
against the lawsuit. "(We) believe the claims are without
merit," a Zillow spokesperson said.
    The NAR did not immediately responded to a request for
comment.    
    The lawsuit said that REX had successfully shown homes on
Zillow's website until shortly after the online company struck
the deal with the NAR last year to join the organization.
    Zillow also said that it would use MLS data feeds for its
website but gave no details, the lawsuit said.
    "Without any significant warning, Zillow unveiled its newly
designed web display in mid-January 2021. The new web display
creates a separate page, concealed behind the primary results,
where REX homes are now funneled," the lawsuit said.
    Zillow website users are shown MLS listings as a default
while REX homes are behind an "other listings" tab, the lawsuit
said.
    The change in the website has meant that REX homes are 
getting many fewer viewings on Zillow, with fewer resulting
sales, the lawsuit said.
    REX asked the court to order Zillow to stop categorizing REX
homes under "other listings," and to pay damages and attorney
fees.

    

 (Reporting by Diane Bartz; Editing by Steve Orlofsky)
 ((Diane.Bartz@thomsonreuters.com; 1 202 898 8313;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.