UPDATE 1-FTC accuses Zillow of paying Redfin $100 million to stop competing on rental listings

(Adds detail in paragraphs 1-3) Sept 30 (Reuters) – Zillow allegedly paid Redfin $100 million to stop competing against it in online apartment rental listings, the U.S. Federal Trade Commission said in a lawsuit on Tuesday against the online real estate platforms. The agency said the alleged deal reduces competition in an already concentrated market and is likely to drive up the cost of advertising vacancies in multifamily rental buildings. “Paying off a competitor to stop competing against you is a violation of federal antitrust laws,” said Daniel Guarnera, who leads the FTC’s bureau of competition. (Reporting by Christian Martinez and Jody Godoy in New York; Editing by Leslie Adler)

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