competition_law

OnTheMarket could cost members ‘millions’ in legal battles, says Zoopla

Zoopla Property Group this morning ramped up its attack on OnTheMarket with a further statement that warns OTM members that they could be infringing competition law, leaving themselves open to litigation, fines and compensation costs. Zoopla Property Group’s statement said, “According to advice from top UK law firm, Freshfields Bruckhaus Deringer LLP, if the Competition and Markets Authority (CMA) ever concluded that Agents’ Mutual Limited’s (AM) arrangements infringe competition law, not only would AM as a corporate entity be subject to fines and possible damages, but each individual member agent would also likely be liable based on their participation in AM. “The advice, provided to Zoopla Property Group plc (ZPG), states that, if the CMA at any time found an infringement of competition law, it could impose fines on each agency of up to 10% of their total annual turnover. In the case of an independent single branch firm the fines could run into the tens of thousands of pounds or for a larger firm such as Savills plc into the tens of millions of pounds. “The advice adds that any of AM’s competitors, including competing portals and excluded online agents and property developers that have suffered losses as a result…

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