Business Practices Under the Microscope
Beyond the cash payment, Mid-America agreed to a series of commitments tied to its business practices. Those include provisions governing the disclosure and use of nonpublic data and how the company employs revenue management software.
In its filing, the company said the commitments align with its current practices and will not require material changes to day-to-day operations.
As part of the process, plaintiffs are required to seek preliminary court approval of the settlement by March 31.
No Admission of Fault
Mid-America emphasized that the mid-america $53m settlement does not amount to an admission of wrongdoing or liability.
“The claims asserted in the class action litigation were directed at numerous participants across the industry,” the company said, noting that roughly 50 of the nation’s largest multifamily housing owners and operators were named. Resolving the dispute now, it added, would spare the company the expense and distraction of prolonged litigation.
Representatives for Mid-America and attorneys for the renter class did not immediately respond to requests for comment late Wednesday.
