DENVER, Colo. (KKTV) - Colorado Attorney General Phil Weiser announced Wednesday the filing of a multi-million dollar settlement with one of the nation’s largest apartment managers.

According to the Attorney General’s office, this decision aims to resolve claims that Greystar collaborated with other companies in an anti-competitive scheme that allegedly raised rent prices.

Weiser said the companies were all accused of sharing a “rent-setting algorithm” rather than setting prices independently, as required by competition laws.

Colorado is filing this settlement alongside eight other states. If the court approves it, Greystar would pay $7 million to the participating states and also agree to strict new limits on its use of rent-setting algorithms.

The company would be prohibited from usi

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