Name: Real estate agents and brokerage firms are ordered to pay $1.78 billion for conspiring to maintain high commission rates - Worldtimetodays
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Real estate agents and brokerage firms are ordered to pay $1.78 billion for conspiring to maintain high commission rates - Worldtimetodays

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A federal jury on Tuesday ruled against the National Association of Realtors, HomeServices of America and Keller Williams held liable for conspiracy to increase or maintain high commission rates. The antitrust class action lawsuit was filed by home sellers in several Midwestern states Wall Street Journal reported. The complaint, originally filed in 2019, also involved RE/MAX and Anywhere Real Estate. Both companies agreed to a settlement totaling nearly $140 million before trial. After just a few hours of deliberations and just over two weeks of testimony, a jury in Kansas City, Missouri, found NAR and the brokerage firms liable and ordered them to pay $1.78 billion in damages. Antitrust rules allow the presiding judge to nearly triple the damages award to $5.36 billion. Judge Stephen Bough has not yet made his final verdict. The home sellers demanded that the judge’s order change the way the industry operates to prevent real estate agents and brokers from increasing commission rates in the future. The plaintiffs argued that the current model stifles competition and prevents home buyers and sellers from negotiating lower interest rates. Plaintiffs’ attorney Michael Ketchmark said, “NAR and real estate companies have had a stranglehold on real estate commissions for too long.” NAR spokesman Mantill Williams said the trade association plans to appeal the jury’s verdict. “We stand by the fact that NAR’s guidelines for local MLS brokerage marketplaces ensure that consumers receive comprehensive, fair, transparent and reliable home information and that brokerage firms of all sizes, service and pricing models have a fair chance to compete.” said Williams. “We will remain focused on our mission of advocating for homeownership and always putting the interests of consumers first. It will likely take several years before this case is finally resolved.” HomeServices of America, a subsidiary of Warren Buffett’s Berkshire Hathaway, also announced it would file an appeal. A spokesman for the brokerage firm said: “Today’s decision means buyers will face even more obstacles in an already difficult property market and it will become more difficult for sellers to realize the value of their homes.” Keller Williams is considering an appeal. According to Darryl Frost, a spokesman for the brokerage firm, crucial evidence was not allowed to be presented. “We are disappointed that the court did not allow the jury to hear crucial evidence that cooperative compensation is permissible under Missouri law before deciding this case,” Frost said. “This is not the end. Keller Williams followed the Cooperative Compensation Act and stands by the evidence presented on the 100-year-old practice of sellers’ agents offering commissions to other agents who help market and sell homes. Looking to the future “We will consider all options, including the possibility of appeal, when assessing the verdict and the court record.” Do you like Blaze News? Bypass the censorship, sign up for our newsletter and get stories like this delivered straight to your inbox. Login here!

A federal jury on Tuesday ruled against the National Association of Realtors, HomeServices of America and Keller Williams held liable for conspiracy to increase or maintain high commission rates. The antitrust class action lawsuit was filed by home sellers in several Midwestern states Wall Street Journal reported. The complaint, originally filed in 2019, also involved RE/MAX and Anywhere Real Estate. Both companies agreed to a settlement totaling nearly $140 million before trial. After just a few hours of deliberations and just over two weeks of testimony, a jury in Kansas City, Missouri,...

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Real estate agents and brokerage firms are ordered to pay $1.78 billion for conspiring to maintain high commission rates - Worldtimetodays

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