Colorado and eight other states filed a proposed $7 million settlement with Greystar Management Services, LLC, one of the nation's largest apartment managers, on Wednesday. The settlement has been reached to resolve claims that the company participated in an anticompetitive scheme that drove up rental prices for Coloradans.

The settlement alleges that Greystar shared rent-setting algorithms that reduced competition among landlords so that renters could not shop around for a lower-priced lease.

"Coloradans are struggling to pay monthly rent. When corporate landlords share private data and use algorithms to coordinate and jack up rent prices, renters pay the price," said Colorado Attorney General Weiser in a statement. "This settlement sends a clear message: we will not tolerate practices

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