Written by Breck Hapner
After a two-week trial, a federal jury has found the National Association of Realtors (NAR), Keller Williams Realty, and several other large brokerages guilty in a landmark class-action lawsuit that accused them of colluding to artificially keep commissions high for realtors.
According to an October 31st article from The Real Deal, NAR and associated brokerages were ordered to pay damages of nearly $1.8 billion. Plaintiffs Sitzer/Burnett stated that NAR requires home sellers to pay an excessive transactional commission to the agent representing the buyer. They also claimed that brokerages collaborate with NAR via their multiple listing systems (MLS) to enforce a Clear Cooperation Policy, thereby raising commissions—a violation of antitrust laws.