Three brokerages at the center of the landmark lawsuits regarding home sale commissions – Anywhere Real Estate Inc. (NYSE: HOUS), Keller Williams and RE/MAX Holdings (NASDAQ:RMAX) – received final court approval of their respective nationwide settlement agreements.
With the court’s approval, the companies will settle all claims in the Sitzer/Burnett, Moehrl, and Nosalek antitrust class action litigation. The nationwide settlement releases the companies, their subsidiaries and franchisees, and their affiliated agents from ongoing and future litigation surrounding the antitrust claims. The companies noted the settlements are not an admission of wrongdoing or liability.
Anywhere’s agreement covers monetary relief of $83.5 million, while Keller Williams agreed to a $70 million deal and RE/MAX will pay $55 million. The companies agreed to make changes to business practices as part of their settlements.
Ryan Schneider, Anywhere’s CEO and president, welcomed the court’s approval by declaring, “This is a significant milestone on our path to put these claims behind us, begin to implement agreed upon practice changes, and move forward with our affiliated agents and franchisees as, together, we continue helping home buyers and sellers move to what’s next.”
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I am ashamed of how this all came down. It has worked for decades and now it has changed. The Real Estate Market will never be the same and the courts that did this only padded the pockets of the attorneys. Sad Sad I think.
You are so right! AND how much did the attorneys receive? The ones who said we were charging too much??? 33 1/3%?
The leagle system is not the justice system