WHITE PLAINS, N.Y., May 18 /PRNewswire/ -- A federal antitrust complaint was filed by BanxCorp against LendingTree LLC, a subsidiary of Tree.com, Inc. (Nasdaq: TREE), for engaging in an unlawful per se horizontal market division and customer allocation agreement, and a per se horizontal price fixing agreement with competitors.
The complaint alleges that LendingTree.com entered into a conspiracy in restraint of trade with their competitor Bankrate.com, and joined a monopolistic cartel of bank rate websites together with nearly a hundred other horizontal competitors, including some of the largest media conglomerates in the United States.
BanxCorp, known for its competing independent bank rate website BanxQuote.com, indicated that additional defendants in the same or a similar class as LendingTree who are members of the BANKRATE CARTEL may also be joined. According to the complaint, the damage caused by the BANKRATE CARTEL may exceed five hundred million dollars, to be trebled under the antitrust statute. The harm to the competitive marketplace and consumers is alleged to be of equal or greater magnitude.
Case # USDC-DNJ 2:10-cv-02467-SDW-MCA
To download the complaint, go to http://banx.com/BanxCorp_v_LendingTree.pdf (4.8 mb)
CONTACT: |
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Norbert Mehl |
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CEO, BanxCorp |
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212-557-9100 |
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SOURCE BanxCorp
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