The US Department of Justice (DOJ) filed a Statement of Interest on Sunday ahead of this week’s final hearing of the National Association of Realtors’ (NAR) $418 million settlement of the Sitzer/Burnett case.
Real Estate News reported the DOJ’s statement informed the U.S. District Court’s Western District of Missouri that while the department did not have an official opinion on the settlement, it wanted to affirm that the settlement would not prevent future enforcement actions against NAR regarding. over antitrust violations.
In its filing, the DOJ declared the settlement “does not address whether the proposed settlement prevents and restrains current antitrust violations, remedies past violations, or contains revised policies and practices that comply with the antitrust laws.” However, the DOJ stated that the settlement’s provision requiring written agreements between buyers and brokers prior to home tours “may harm buyers and limit how brokers compete for clients.”
“It bears a close resemblance to prior restrictions among competitors that courts have found to violate the antitrust laws in other proceedings and could limit – rather than enhance – competition for buyers among buyer brokers.” The DOJ recommended that the court either drop the provision or declare the settlement will not create a defense immunity under antitrust laws.
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