In a major twist to a high-stakes rent-fixing saga, a Washington federal judge has granted preliminary approval to FPI Management Inc.’s $2.8 million settlement, closing a chapter in a sprawling class action that accused the property management firm and others of conspiring to inflate residential rents through Yardi Systems Inc.’s software.
U.S. District Judge Robert S. Lasnik approved the proposed order on Thursday, certifying a nationwide settlement class that includes anyone who leased multifamily housing from landlords using Yardi’s RENTmaximizer or Revenue IQ software since September 2019.
Court Finds the Deal ‘Fair, Reasonable, and Adequate’
Judge Lasnik said the deal appeared to have been negotiated “at arm’s length” and was “within the range of possible approval.” He noted that the settlement met federal standards under Rule 23 for fairness and adequacy.
In his order, Lasnik wrote that the proposed agreement “raises no obvious reasons to doubt its fairness” and is “in the best interests of the class.”
The judge appointed Hagens Berman Sobol Shapiro LLP as lead counsel for the class. The settlement comes without an admission of wrongdoing by FPI, which has agreed to cooperate with plaintiffs pursuing ongoing claims against other defendants.
