Top Agent Network Drops Antitrust Suit Against National Association of Realtors
In a significant development, Top Agent Network, a real estate platform based in San Francisco, has decided to end its lawsuit against the influential National Association of Realtors (NAR), which accused the association of stifling competition in the real estate listing services market. The lawsuit claimed that NAR’s practices inflated costs for consumers. According to Reuters, the two parties announced in a joint court filing on Monday that Top Agent Network would dismiss its claims “for now.”
The legal battle began in 2020 when Top Agent Network, which operates a competing real estate listing service, filed a lawsuit in federal court in San Francisco. The complaint targeted NAR’s “clear cooperation policy,” which requires sellers to list homes through the association’s Multiple Listing Service (MLS). Top Agent Network argued that this rule limited their members’ ability to post properties on alternative platforms, constricting inventory and, in turn, driving up home prices.
Despite initially losing the case in 2021, the dispute gained new momentum when a federal appeals court revived the claims. The controversy centered around whether NAR’s policy violated antitrust laws by allegedly restricting competition.
Read more: Supreme Court Declines to Hear Realtors’ Appeal, DOJ Antitrust Probe Moves Forward
According to Reuters, in an updated court filing from October, Top Agent Network sought an injunction to block the controversial rule and demanded unspecified damages for the alleged loss of revenue due to these restrictions. The case had been set to proceed to jury selection in November, but the recent joint statement from both parties revealed that they reached an agreement to dismiss the lawsuit without prejudice. This means that the case could potentially be refiled in the future.
In a separate legal matter, the National Association of Realtors reached an agreement in October to overhaul some of its policies and settle a class action lawsuit for $418 million. This settlement aimed to resolve claims from home sellers who alleged that they had been overcharged for commissions. While the brokers involved in the settlement denied any wrongdoing, the resolution of this case further added to the association’s legal challenges.
As the NAR considers the future of the contested rule, the real estate industry remains keenly watching the developments, particularly as the sector grapples with increasing scrutiny over its pricing practices and listing regulations.
Source: Reuters
Andrew Finch, a prominent figure in U.S. antitrust law and former top official at the Justice Department during the first Donald Trump administration, has made the move to Cravath, Swaine & Moore from rival firm Paul, Weiss, Rifkind, Wharton & Garrison. Finch, who most recently co-chaired the antitrust practice at Paul Weiss, is set to join Cravath’s litigation department as a partner in New York.
According to Reuters, Finch’s tenure at the Justice Department, where he served as principal deputy assistant attorney general and acting assistant attorney general in the antitrust division between 2017 and 2019, underscores his expertise in the field. His work in government, alongside his clients at Paul Weiss, including Spirit Airlines, Uber, and Mastercard, makes him a valuable addition to Cravath’s team. At Cravath, Finch will focus on advising clients on antitrust investigations, litigation, and merger reviews, according to the firm’s announcement.
In a statement, Faiza Saeed, Cravath’s presiding partner, highlighted Finch’s credentials, noting that his experience “will be invaluable to our clients as they navigate an increasingly complex regulatory environment.” Saeed’s comments reflect the growing demand for expert guidance in the fast-evolving antitrust landscape.
The news of Finch’s departure from Paul Weiss comes just after the inauguration of President Donald Trump for his second term, a timing that adds another layer of significance to the move. A Paul Weiss spokesperson expressed well wishes to Finch, acknowledging his contributions to the firm.
Cravath’s decision to bring Finch aboard is part of a broader trend where the firm, historically known for promoting from within, has increasingly looked outside for top-tier talent. In recent years, Cravath has recruited several former government officials, including a trio of regulatory experts in 2022 to open a new office in Washington, D.C. This follows the 2022 hire of Noah Phillips, a former commissioner at the U.S. Federal Trade Commission during the Trump administration, who now co-chairs Cravath’s antitrust practice alongside Christine Varney, a former U.S. assistant attorney general for antitrust under the Obama administration.
Source: Reuters
Featured News
Top Antitrust Expert Joins Cravath from Paul Weiss
Jan 21, 2025 by
CPI
CMA Chief Removed as UK Government Targets Regulatory Overhaul
Jan 21, 2025 by
CPI
Court Denies Dismissal in Crab Price-Fixing Lawsuit
Jan 21, 2025 by
CPI
TikTok Stays Online for Now: Trump Floats US Ownership Deal
Jan 21, 2025 by
CPI
Hong Kong Watchdog Unveils Compliance Tool for Small Businesses
Jan 21, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Pharmacy Benefit Managers
Jan 20, 2025 by
CPI
Untangling the PBM Mess
Jan 20, 2025 by
Kent Bernard
Using Data, Not Anecdotes, to Analyze Criticisms of Pharmacy Benefit Managers
Jan 20, 2025 by
Dennis Carlton
Vertical Integration and PBMs: What, Me Worry?
Jan 20, 2025 by
Lawton Robert Burns & Bradley Fluegel
The Economics of Benefit Management in Prescription-Drug Markets
Jan 20, 2025 by
Casey B. Mulligan