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Mid-America $53M Settlement Lands in Sweeping Rent-Fixing MDL
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USA Herald
Mid-America Apartment Communities Inc. disclosed Wednesday that it has agreed to pay $53 million to resolve claims in sprawling multidistrict antitrust litigation accusing major landlords of conspiring to fix apartment rents through RealPage Inc.’s pricing software.
The disclosure came in an 8-K filing with the U.S. Securities and Exchange Commission, outlining a deal that would mark one of the latest dominoes to fall in a case reshaping the rental housing industry nationwide.
Two Payments, One ResolutionUnder the agreement, Mid-America will pay the settlement in two equal installments of $26.5 million, totaling $53 million.
The funds are intended to settle claims brought by a certified class of multifamily renters who paid rent to landlords, owners or property managers using RealPage’s revenue management software.
Signup for the USA Herald exclusive Newsletter First Name Email Address: Leave this field empty if you're human:The plaintiffs allege that the software functioned as a shared compass for pricing decisions, steering landlords toward coordinated rent increases rather than independent competition.