The National Association of Realtors (NAR) announced it has reached a settlement resolving claims brought by homebuyers in the class-action antitrust lawsuit Tuccori v. At World Properties related to buyer-agent commissions.
Under the terms of the settlement, which is subject to court approval, NAR will pay $52.2 million into a fund over a multi-year period. The terms of the settlement require continued compliance with the practice changes as part of the Sitzer/Burnett settlement, but do not require any additional practice changes.
Originally filed in January 2024, the Tuccori case was filed by homebuyer James Tuccori against At World Properties. It was expanded to a class action lawsuit involving anyone who purchased a home listed on a NAR-affiliated MLS and used an At World buyer or seller agent since March 2020.
NAR stated it agreed to the settlement to reduce potential financial exposure associated with continued litigation. NAR will seek a stay in the ongoing Batton lawsuit, with the organization claiming the settlement in Tuccori is intended to release the claims in the Batton case.
Nykia Wright, CEO of NAR, stated, “This outcome, which provides a broader level of protection and release for the industry than has been secured in any previous NAR settlement, is a result of NAR’s new legal team’s proactive approach to addressing legal risk and reinforces our commitment to delivering greater value and stability for our members, so they can remain focused on their clients and getting to their next transaction.”
“This outcome is a direct result of the more diligent and strategic legal approach our team has adopted,” said Jon Waclawski, General Counsel of NAR. “We sought this settlement to secure meaningful protections for our members and the industry. We moved decisively to resolve these claims in a way that avoids significant potential liability and NAR more effectively going forward, ensuring our members can continue unlocking the American Dream for generations to come.”
And just where is all that “blood money” coming from?….This is ludicrous and unacceptable.
I agree appeasement isn’t the answer. It just brings more wolves to the door until there is nothing left. Fight, FIght, Fight!
So all of our dues just go to pay settlements? NAR should be dissolved so we no longer pay into this antiquated disaster. I want to keep my hard earned money.
Michelle, let me add to your comment by saying not only are we paying for the settlements but we’re paying no doubt an excessively expensive group of attorneys who are relatively new on the job as I understand all this this is a holy hell disaster y’all