Jury rules realtors colluded on commissions, must pay $1.8B in damages

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The verdict followed a two-week trial in the Kansas City, Mo., federal court, where the case had drawn widespread attention for challenging widely used real estate industry practices. Plaintiffs in the class action included sellers of more than 260,000 homes in Missouri, Kansas and Illinois between 2015 and 2022.Keller Williams spokesperson Darryl Frost said the company would consider options for an appeal. “This is not the end,” Frost said.

The plaintiffs claimed the association and corporate defendants drove up the commission, upwards of 6%, that home sellers pay to brokers representing buyers.The realtor association argued there was no evidence that agents were required to “make offers of compensation at all, let alone at amounts that stabilize, fix, or raise commissions.”

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Jury hits National Association of Realtors, real estate companies with $1.8 bln in damagesA U.S. jury on Tuesday said the National Association of Realtors and several real estate companies, including units of Warren Buffett's Berkshire Hathaway (BRKa.N), must pay $1.78 billion in damages for conspiring to artificially inflate commissions that home sellers pay to buyers' brokers.
Source: Reuters - 🏆 2. / 97 Read more »