UK property portal Rightmove faces 2 billion dollar lawsuit
UK estate agents have filed a 2 billion dollar lawsuit against Rightmove for allegedly charging excessive fees. The company shares fell 9% following the news.
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RIGHTMOVE PLC is facing a significant legal challenge in the United Kingdom after estate agents filed a 1.5 billion pound ($2 billion) lawsuit in the Competition Appeal Tribunal. The claim alleges that the country's largest property listing portal has abused its dominant market position by charging developers and estate agents excessive subscription fees. Following the news, shares in the company experienced a sharp decline of nearly 9% on Wednesday.
