News Formal

Redfin agrees to pay $9.25 million to settle real estate broker commission lawsuits

  • 📰 AP
  • ⏱ Reading Time:
  • 25 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 37%
  • Publisher: 51%

Legal Proceedings News

Lawsuits,Courts,Business

Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their home as a result of longstanding real estate industry practices.

The Seattle-based online brokerage and real estate services company disclosed the proposed settlement Monday in a regulatory filing with the Securities and Exchange Commission.

Seattle-based Redfin noted that it doesn’t expect the settlement, which must be approved by the court, to have a material impact on its future operations, adding it expects to record a $9.25 million pre-tax charge for the quarter ended March 31.Redfin is the latest big brokerage to agree to settlement terms in order to put an end to lawsuits related to the real estate industry’s broker compensation structure, following Re/Max, Keller Williams Realty, Compass and Anywhere Real Estate.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 728. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cash buyers spiking US luxury home sales: RedfinLast quarter, the market reached year-on-year increases for the first time since August 2021, according to the real estate brokerage.
Source: LuxuryDaily - 🏆 325. / 59 Read more »