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Draft:Burnett et al v. National Association of Realtors et al

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Burnett et al v. National Association of Realtors et al[1]


On October 31, 2023, a federal civil jury found that the NAR had conspired to inflate commissions paid to home-buyers' real estate agents, and determined that NAR and its codefendants owed damages of almost US$1.8 billion.[2][3] The lawsuit, Burnett et al v. National Association of Realtors et al, was heard in the U.S. District Court for the Western District of Missouri in Kansas City, and involved allegations of violations of federal and state antitrust laws by the NAR, HomeServices of America, Keller Williams Realty, Anywhere Real Estate (parent of Coldwell Banker, Century 21 Real Estate, and Sotheby's International Realty) and Re/Max.[2][3][4] Anywhere and Re/Max had previously settled their liability and agreed to pay lesser damages, leaving NAR, HomeServices and Keller Williams to defend the suit at trial.[2][3] Upon announcement of the verdict and before final judgment was entered, NAR and HomeServices stated their intention to appeal, and Keller Williams was considering doing so.[2][3][5] In March 2024, NAR agreed to settle for a reduction of damages to US$418 million, eliminating its rules on commissions, and waiving its right to appeal.[6] The settlement is expected to reduce real estate commissions, force some agents out of the industry, and lead to a decline in NAR’s membership.[7]


References

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  1. ^ https://www.nytimes.com/2023/10/31/realestate/nar-antitrust-lawsuit.html
  2. ^ a b c d Kamin, Debra (2023-10-31), "Home Sellers Win $1.8 Billion After Jury Finds Conspiracy Among Realtors", The New York Times website, archived from the original on 2023-10-31, A federal jury ruled on Tuesday that the powerful National Association of Realtors and several large brokerages had conspired to artificially inflate the commissions paid to real estate agents, a decision that could radically alter the home-buying process in the United States.
  3. ^ a b c d Knutson, Jacob (2023-10-31), "Federal jury verdict on broker fees rocks real estate industry", Axios, Representatives for the NAR and HomeServices of America said they planned to appeal the verdict, while a spokesperson for Keller Williams said the company would consider appealing.
  4. ^ "Burnett et al v. National Association of Realtors et al", United States District Court for the Western District of Missouri website, archived from the original on 2023-10-31
  5. ^ Kusisto, Laura; Friedman, Nicole (February 16, 2024). "Realtors Are in Crisis—and Home Buyers Could Be the Winners". The Wall Street Journal.
  6. ^ Kamin, Debra (15 March 2024). "Powerful Realtor Group Agrees to Slash Commissions to Settle Lawsuits". The New York Times.
  7. ^ Friedman, Laura Kusisto and Nicole. "Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes". WSJ. Retrieved 2024-03-16.
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