Property Brokers and director ordered to pay $1.5M for price fixing

Mon, 10 Apr 2017

By Rebecca Howard Property Brokers and its director Tim Mordaunt have been ordered to pay penalties totalling $1.5 million for colluding with other real estate agencies to make vendors foot the bill for advertising property on an auction site, according to a High Court judgment. In the High Court in Auckland, Justice Murray Gilbert said Property Brokers and Mordaunt admitted they entered an anti-competitive price-fixing agreement with at least 10 other real estate agencies in the Manawatu region. The agreement was to pass on to vendor c...

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