Camden Property Trust settlement overview:
- Who: Texas-based real estate investment trust Camden Property Trust agreed to a $53 million settlement with renters.
- Why: The settlement resolves claims Camden Property Trust colluded with landlords to raise rents through the use of RealPage revenue management software.
- Where: The case is currently in Tennessee federal court.
- How to get help: Did RealPage’s software raise your rent? You may qualify for a rent price fixing lawsuit.
Texas-based real estate investment trust Camden Property Trust has agreed to pay $53 million to resolve claims it colluded with landlords to fix rent prices via RealPage revenue management software.
Per a SEC 8-K filing dated April 7, Camden Property Trust has agreed to pay an aggregate $53 million into a settlement fund, with the settlement payment payable in two equal installments of $26.5 million.
“In addition, the settlement agreement will include certain prospective commitments regarding the Company’s business practices, including provisions relating to the disclosure and use of nonpublic data and the Company’s use of revenue management software, all of which the Company believes will not require material changes to current operations,” the SEC filing says.
Camden Property Trust is not admitting to any fault or liability by agreeing to the settlement and said it intends to defend itself in the event the agreement is not approved by the court or cannot otherwise be finalized, according to the SEC filing.
Camden Property Trust used RealPage software on more than 58K units, class action says
Renters claimed Camden Property Trust used the RealPage revenue management software products for more than 58,000 units, reports Law360.
Further, renters reportedly argued the trust knew it had to share confidential information with its “horizontal competitors” to use the products.
According to the renters, as reported by Law360, Camden Property Trust operated in at least the regional submarkets of Atlanta, Austin, Charlotte, DallasFort Worth, Denver, Houston, Los Angeles, Miami, Nashville, Orlando, Phoenix, Raleigh, San Diego, Tampa and Washington.
An antitrust MDL revolving around RealPage has reportedly led to multiple landlords settling with renters and several states, however RealPage itself is still fighting renters’ antitrust claims, reports Law360.
Last year, the Federal Trade Commission and Colorado Attorney General’s Office filed a lawsuit against Greystar Real Estate Partners LLC over claims the real estate company charged renters hidden fees that increased the cost of renting at its properties.
Did RealPage’s software raise your rent? You may qualify for a rent price fixing lawsuit.
The Camden Property Trust settlement is In re: Realpage Inc. Rental Software Antitrust Litigation (No. II), Case No. 3:23-md03071, in the U.S. District Court for the Middle District of Tennessee.
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