Estate agent lawsuit wipes almost £300m off Rightmove [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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plc.rightmove.co.uk/investors
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Source: Yahoo! Finance
The property giant's shares plunged by as much as 8.7pc early on Wednesday after former Competition and Markets Authority panel member Jeremy Newman filed the legal claim. More than 250 estate agents have put their weight behind the legal challenge, which alleges that the FTSE 100 property giant has been charging “excessive” subscription fees to use its property listings portal. The claim, which has been filed with the Competition Appeal Tribunal , could be worth as much as £1.5bn in damages. Rightmove is accused of breaking competition rules by using its market share to pressure estate agents to pay higher fees. Mr Newman said: “There has been an extremely encouraging response from estate agents since we announced this legal action. The stories shared by businesses, both small and large, have confirmed long-held concerns in the market about Rightmove's conduct. “Filing this claim today advances the route to meaningful compensation for those businesses who have had very littl
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