Court of Appeal for price fixing charges
Friday 24 November 2017
The Commerce Commission today confirmed it will be appealing the High Court’s decision to dismiss price fixing charges against two real estate agencies and their directors.
By The Landlord
The Commission has been pursuing charges relating to three separate price fixing and anti-competitive agreements among 13 national real estate agencies, Hamilton real estate agencies and Manawatu real estate agencies for many years.
Proceedings on the charges, which relate to conduct in 2013 and 2014 that occurred in response to Trade Me changing its property listing fees, have been wending their way through the courts since December 2015.
Eleven of the firms pled guilty to the charges and settled, paying total penalties of more than $18.97 million.
But Lodge Real Estate and its director Jeremy O’Rourke and Monarch Real Estate (trading as Harcourts Hamilton) and its director Brian King decided to fight the charges.
Last month, the High Court dismissed the Commission’s case against Lodge and Monarch (and its director Brian King.
However, Commission Chair Dr Mark Berry said the High Court judgment raises significant legal issues that merit an appeal in this case.
The Notice of Appeal will be filed in the Court of Appeal in Wellington.
The Commission said it is unable to comment further while the appeal is before the Court.
Comments from our readers
No comments yet
Sign In / Register to add your comment
Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.
ASX-listed Centuria Capital has declared that its takeover of New Zealand property funds manager Augusta Capital is now unconditional, as it has secured nearly 66% of Augusta’s shares.
The New Zealand property market has emerged strongly out of lockdown, according to mortgage advisers, who say they are busy as ever this winter.