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Dream Unlimited Corp (2)
Symbol DRM
Shares Issued 40,498,896
Close 2024-12-19 C$ 21.77
Market Cap C$ 881,660,966
Recent Sedar Documents

Post says RioCan, others hit by proposed class action

2024-12-19 09:24 ET - In the News

See In the News (C-REI) RioCan Real Estate Investment Trust

The Financial Post reports in its Thursday edition that a proposed class-action lawsuit alleges multiple landlords "conspired" to control rents across Canada using an algorithmic software called Yieldstar. The Post's Serah Louis writes that this follows Canadian politicians' concern about the practice, and a civil antitrust lawsuit filed by the U.S. Department of Justice in August against Realpage Inc., the Texas-based company that created Yieldstar. Several companies named in the proposed suit dispute their use of the software. Adam Tanel, the main litigator on the Canadian case at Koskie Minsky LLP, said his firm had been looking into Yieldstar for quite some time. "If corporations, who ostensibly should be competing, are sharing sensitive information with one another so that they can all increase the price of their goods, that is contrary to the Competition Act," Mr. Tanel said. Yieldstar generates apartment pricing recommendations for landlords by reviewing market surveys, unit types, pricing categories and availability, and using real-time lease-transaction data to respond to changes in supply and demand. Among the 15 named as defendants are Canadian Apartment REIT, RioCan, Dream Unlimited and Choice Properties.

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