Silicon Valley billionaires win court battle against landowners accused of price inflation

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Silicon Valley,Billionaires,Court Battle

The Silicon Valley billionaires have won a court battle against landowners they accused of conspiring to inflate property prices. The landowners were sued for $510 million in damages for violating federal antitrust law. Some ranchers have reached settlements with the billionaires.

The Silicon Valley billionaires trying to build a utopian city in Solano County scored a major win in court against landowners they accused of conspiring to inflate the prices of their properties. In May last year, the project’s real estate arm Flannery Associates sued dozens of landowners for $510 million in damages, claiming that through “endless greed” they worked together to jack up sale prices for their property in violation of federal antitrust law.

A number of the ranchers have reached settlements with Flannery, which has already spent more than $800 million on land. On Friday, Judge Troy Nunley in Sacramento U.S

 

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