Sperling Kenny Nachwalter, along with its co-counsel at DiCello Levitt LLP and Webster Book LLP, have filed an antitrust class action against CoStar, alleging that the company has illegally monopolized the internet commercial real estate listing and information services markets through an anti-competitive scheme of restrictive agreements and contracts. As a result of this scheme, CoStar has substantially increased the subscription costs of both its listing (LoopNet) and information services (CoStar) platforms, leading to higher costs involved in buying and selling commercial real estate throughout the country.
The complaint alleges that CoStar violated Section 1 and 2 of the Sherman Act by (i) entering into anti-competitive agreements with the three largest brokerage firms in which they committed to not compete with CoStar and (ii) using contract terms and technological measures to prevent customers from sharing their data and information with CoStar competitors. These anti-competitive agreements and contract terms have allowed CoStar to substantially raise the subscription costs of both its listing (LoopNet) and information services (CoStar) platforms.
The case, Shapiro Hospitalities LLC d/b/a Grand & Co. v. CoStar Group, Inc., et al., Case No. 1:26 cv 01027, has been assigned to Judge Giles in the Eastern District of Virginia and the complaint is available here. Please contact the lawyers below if you have been a CoStar or LoopNet customer at any time from 2022 to the present and are interested in learning more about the case and what rights you may have.
Joseph Vanek
312-445-4940
Steve Groopman
646-933-1000