Realcomp II, Ltd. v. FTC
United States Court of Appeals for the Sixth Circuit
635 F.3d 815 (2011)
Realcomp II (plaintiff), an association of real estate agents and brokers with conceded substantial market power, maintained a listings database that allowed public website distribution of full-service listings but barred publication of limited-service listings, such as exclusive agency listings offered by cheaper, lower-service competing brokers. The FTC (defendant) found this policy anticompetitive under both a quick-look and rule-of-reason analysis, supported by expert economic testimony using time-series, benchmark, and statistical-regression analyses showing actual anticompetitive effects, and Realcomp petitioned for review of the FTC's order.
Whether a restraint of trade is unlawful under the rule of reason if the entity imposing the restraint has market power, causes actual or potential anticompetitive effects, and fails to demonstrate a countervailing procompetitive justification.