Industry NewsTechnology

Settlement reached in New York real estate dispute

REBNY, technology company resolve 4-year legal fight

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A real estate technology company has finalized a settlement that ends a 4-year-old lawsuit filed against New York City's largest real estate industry association, major brokerage companies and technology vendors. Terms of the settlement were not disclosed. BrokersNYC, a company that offers Web design, consulting, database and other services to real estate professionals, had charged that the Real Estate Board of New York, along with several technology vendors, brokerage companies and individuals, had worked to restrict competition in the residential real estate brokerage marketplace and to limit members' choices in technology vendors. REBNY had established a property data transmission system called ROLEX for its members and a database service called RealPlus, and allowed two vendors to participate in the data transmission system while shutting out BrokersNYC and others, the lawsuit alleged. The judge had dismissed charges of attempted monopolization of the Manhattan real est...