DOJ Settlement: LivCor Over Alleged Rent Setting Scheme
- Main Point: The Department of Justice has reached a proposed settlement with LivCor, a large landlord, as part of a larger effort to stop alleged rent-fixing schemes.
- * Allegations: The DOJ alleges LivCor and other landlords collaborated to set rents using algorithms provided by RealPage, sharing competitively sensitive information.
- In essence, the DOJ is cracking down on the use of algorithms and data sharing that it believes artificially inflates rental prices.
here’s a breakdown of the key facts from the provided text:
Main Point: The Department of Justice has reached a proposed settlement with LivCor, a large landlord, as part of a larger effort to stop alleged rent-fixing schemes.
Key Details:
* Allegations: The DOJ alleges LivCor and other landlords collaborated to set rents using algorithms provided by RealPage, sharing competitively sensitive information. This is considered anticompetitive behavior.
* Settlement Terms (LivCor):
* Must stop using anticompetitive algorithms.
* Must stop sharing sensitive information with competitors.
* May be subject to a court-appointed monitor if using uncertified pricing algorithms.
* Must refrain from participating in RealPage meetings with competitors.
* Must cooperate with the DOJ’s case against other defendants.
* Other Settlements: The DOJ has also reached proposed settlements with:
* cortland Management
* Greystar management Services
* RealPage
* LivCor’s Response: LivCor stated thay remain focused on serving their residents.
In essence, the DOJ is cracking down on the use of algorithms and data sharing that it believes artificially inflates rental prices.