Industry News

Supreme Court throws out antitrust claims

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Iowa Realty today announced that the Iowa Supreme Court has upheld a lower court decision to dismiss a civil action brought by Next Generation Realty in September 1999 involving claims of antitrust and attempted monopoly behavior that were found to be without merit or proof. In February 2003, Polk County District Court Judge Glenn E. Pille dismissed an action filed by Next Generation Realty and Homebuyers Consultants against Iowa Realty. Next Generation initially filed the suit to require Iowa Realty to share commissions, while Next Generation refused to share commissions on its listings sold. When Iowa Realty declined to reciprocate on that basis, Next Generation accused it of violating Iowa's antitrust statute. "We're pleased to have this issue finally put to rest by the highest court in Iowa," said Iowa Realty CEO R. Michael Knapp. "We continue to believe in our position that companies have the right to decide how they work with each other in the market, especially wi...