Zillow antitrust hearing draws fiery testimony from MRED and Compass CEOs

Regulation
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Summary · why it matters

Compass CEO Robert Reffkin and Midwest Real Estate Data CEO Rebecca Jensen delivered heated testimony in Chicago federal court on Thursday, slamming Zillow's antitrust claims over private real estate listings. Jensen said she was 'disgusted' by Zillow's justification for blocking previously private listings from its platform, and testified that MRED acted unilaterally to cut Zillow's data feed after a year of warnings that its listing bans violated MLS rules built from a 2008 Department of Justice settlement. Reffkin accused Zillow of using historical Black discrimination to protect its power and profits, while defending Compass's private exclusives as a phased marketing strategy that leads to higher sale prices and faster contracts. Zillow's expert economist Lawrence Wu argued that the MRED-Compass agreement was a scheme to block Zillow's listing access standards nationwide, harming competition and consumers. Judge John J. Tharp Jr. is expected to rule on MRED's motion to move the case to arbitration in the coming weeks, which could determine whether a preliminary injunction is granted.

Impact on stocks 4

Real Estate▼ · 1 stocks
Zillow Group Inc Class C
Z
▼ NegativeRegulationrelevance

Zillow faces antitrust lawsuit over listing access; judge may rule on arbitration, risking preliminary injunction.

Information Technology▲ · 1 stocks
Compass Inc
COMP
▲ PositiveCompetitionrelevance

Compass CEO defends private exclusives as beneficial, weakening Zillow's antitrust case.

Consumer Discretionary▲ · 1 stocks
Others▲ · 1 stocks

Off-coverage companies 1

Midwest Real Estate DataPrivate▲ Positive
Regulationrelevance

MRED CEO testifies against Zillow, defending its data feed cut as unilateral and justified.

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