George Simpson, the owner of Suffolk Research Service, has dropped his multi-million dollar lawsuit against OREX (Open RealNet Exchange) and 25 of the East End's biggest real estate firms. Simpson claimed that OREX and the brokers who use it violate anti-monopoly laws and created an expensive, exclusionary system that kept small firms out of the loop. Vowing to continue to fight, Simpson said 'he couldn't reveal the details about why he withdrew the suit', but that he is looking to 'regroup'. In June, a large number of brokerage firms sent lawyers to court to dismiss the suit as nothing more than a conspiracy theory.
· The Hamptons' Simpson Drops Suit Against OREX, Corcoran, Elliman [TRD]
· CourtHampton: East End Real Estate Market is 'Illegal'! [CH]