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Realtors agree to axe commissions in landmark lawsuit settlement
By FOX TV Digital Team
Published March 15, 2024 8:47AM
Updated 9:44AM
Real Estate
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The National Association of Realtors (NAR) announced a court settlement Friday that would bring major changes to home sales – and savings to home sellers nationwide. The trade group, which has long set the standard for real estate practices, has agreed to settle numerous lawsuits by paying $418 million in damages and getting rid of its rules on commissions. Industry experts told The New York Times that the settlement “will blow up the market and would force a new business model.”
“What’s at issue nationwide is costing Americans about $60 billion in extra real estate commissions,” Michael Ketchmark, one of the attorneys representing the plaintiffs in the lawsuits, told The Associated Press.
In November, a Missouri jury found the National Association of Realtors and several residential brokerage companies guilty of conspiring to keep commissions for home sales high.
The class-action lawsuit was filed in 2019 on behalf of 500,000 home sellers in Missouri and some border towns. The verdict stated that the defendants “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.”
The jury ruled that the companies owed a collective $1.78 billion in damages, but the realtor
