Missouri jury Tuesday is found The National Association of Realtors (NAR), a real estate industry trade group, HomeServices of America and Keller Williams are liable for nearly $1.8 billion in damages for conspiring to inflate commissions.
A judge could issue an injunction blocking commission sharing on multiple listing services (MLSs), which would harm Buyer agent work.
“We see it as a tremendous day to hold these companies accountable,” said lead attorney Michael Ketchmark. Prosecutors told CNN.
The lawsuit covered home sales that took place between April 2015 and June 2022. The decision came after a few hours of deliberation by the Kansas City jury.
According to NAR President Tracy Casper, although the trial has lasted 11 days, the matter is not close to being final.
“We will appeal the liability decision because we uphold the fact that the NAR rules serve the best interests of consumers, support market-driven pricing and promote business competition.” Casper’s statement said. “In the meantime, we will ask the court to reduce the damages awarded by the jury.”
Casper argued that consumers are “better off” and competition is “able to thrive” because of how local markets work.
According to housing policy analyst Jarrett Seaberg, who spoke with CNN, the appeals process could take up to three years and the losing party will likely try to try the case in court.
Ketchmark has once again filed a new class action lawsuit against real estate companies including Douglas Elliman, Compass and Redfin Tuesday alleging the companies violated antitrust laws.
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