Compass Inc. (NYSE:COMP) has agreed to a $57.5 million settlement that will resolve allegations that it conspired to maintain inflated real estate commissions.
In a statement, the company said the settlement would not “materially impact its future operations but does include changes to the company’s business practices, such as clearer commission disclosures and prohibition of sorting listings by compensation.”
“The reason we have chosen to settle is so we can minimize distractions and focus on serving you and your clients,” said CEO Robert Reffkin in an emailed statement to its broker network.
The settlement, which does not require Compass to admit wrongdoing, is the latest for major brokerage and the first for a company that was not part of last October’s $1.8 billion Sitzer/Barnett verdict. Anywhere Real Estate, Keller Williams and RE/MAX agreed to pay a combined total of $209 million, while the National Association of Realtors announced a settlement last week for $418 million. HomeServices of America, a division of Warren Buffett’s Berkshire Hathaway, is the only major brokerage from the Sitzer/Barnett case that has not announced a settlement.
All of the settlements are pending court approval.
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