BrokerageIndustry News

Settlement pending in N.Y. real estate antitrust lawsuit

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A lawsuit filed against a New York City real estate trade association and several major brokerage companies is in the process of settling, according to court documents filed this week. BrokersNYC, a company that offers Web design, consulting, property database and other services to New York City real estate professionals, had charged that the Real Estate Board of New York Inc., technology vendors, brokerage companies and others worked to restrict competition "by erecting barriers to the entrance into the Manhattan residential brokerage market and establishing and maintaining fixed prices for brokerage services in connection with the sale of residential real estate." The lawsuit, first filed in October 2004, was amended in January 2005. LaLa Wang, BrokersNYC owner who has faced off with industry participants and regulators in a series of legal skirmishes, said she could not comment about the lawsuit's settlement. And Dominique Troiano, spokeswoman for the Real Es...