FTC Set to Distribute $62 Million Refunds to 55,000 Home Sellers after Opendoor Lawsuit Settlement

Wednesday, 3 April 2024, 20:17

The Federal Trade Commission (FTC) is taking action by issuing refunds totaling $62 million to around 55,000 home sellers following the settlement of a lawsuit against Opendoor. This move comes after the iBuyer was accused of engaging in deceptive practices. The refund distribution aims to provide restitution to affected sellers and highlights the consequences of deceptive practices in the real estate industry.

https://store.livarava.com/9389aa23-f1f7-11ee-8956-87cc5c87fb08.png — FTC Set to Distribute $62 Million Refunds to 55,000 Home Sellers after Opendoor Lawsuit Settlement

FTC Refund Distribution to Home Sellers

The Federal Trade Commission (FTC) is issuing refunds amounting to $62 million to approximately 55,000 home sellers. This action follows a lawsuit settlement with Opendoor, where the iBuyer was found guilty of deceptive practices.

Restitution for Affected Sellers

The initiative by FTC to provide refunds is a step towards consumer protection and ensuring fair practices in the real estate market. It serves as a warning to companies engaging in deceptive practices.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.