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On March 15, 2024, the National Association of Realtors announced that it would settle the lawsuit rather than appeal. The group agreed to change how commissions are paid and to pay back $418 million over four years. [16] The judge presiding over the case granted preliminary approval to the settlement on April 23, 2024. [17]
The US Department of Justice threw even more doubt into a new way of paying for real estate brokers this week, raising concerns about a recent wide-ranging legal settlement.
A powerful real estate trade group has agreed to do away with policies that for decades helped set agent commissions, moving to resolve lawsuits that claim the rules have forced people to pay ...
A groundbreaking $418 million settlement announced Friday by the powerful National Association of Realtors is set to usher in the most sweeping reforms the American real estate market has seen in ...
The settlement reached by the National Association of Realtors (NAR) over real estate agent commissions could end up hurting an already beleaguered group: homebuyers.. The $418 million deal ...
Kilgore estimated that the number of agents could decrease as much as 50% as a result of the NAR settlement, with the remaining agents likely to be "more professional, more efficient agents."
In October, a federal jury found the NAR and some major brokerages liable for colluding to inflate commission fees, ordering the trade group to pay a historic $1.78 billion in damages.
It agreed to pay $418 million in damages across multiple antitrust lawsuits, including one that recently resulted in a $1.8 billion verdict, finding the National Association of Realtors (among ...