Rightmove faces £1bn legal action over ‘unfair' estate agent fees [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
A claimant group led by Jeremy Newman, a former Competition and Markets Authority (CMA) panel member, is expected to lodge a case at the High Court seeking to “return the overpaid fees to estate agents across the country”. Rightmove is Britain's most popular property website, but Mr Newman's group claims the FTSE 100 giant is breaking competition rules by exploiting its dominant position to squeeze property agents for excessive fees. “Rightmove knows that, due to its first-mover status, its product is considered a ‘must-have' for estate agents,” said Mr Newman. “It exploits its dominance of the online property portal market in the UK to charge excessively and unfairly high subscription fees, both at face value and when compared with its competitors. Estate agents have had to absorb consistent, excessive price increases on a regular basis.” The claim will represent thousands of estate agents, unless they choose to opt out. It is being paid for by Innsworth Advisors, a funding
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