If you sold a property on a multiple listing service (MLS), between October 31, 2017 and July 23, 2024, you may have paid a hefty commission to a real estate broker, so you could be eligible to receive compensation as part of a class action lawsuit.
According to the text of the lawsuit, based on the plaintiffs’ allegations, real estate brokers’ commissions were artificially inflated through anti-competitive practices.
The litigation, known as “real estate commission litigation,” accuses several real estate brokers and agents of violating antitrust laws by allegedly conspiring to increase commissions on a non-competitive basis.
Real Estate Commission Lawsuit: $730 Million Available
The plaintiffs argue that, as a result of these practices, home sellers were forced to pay higher commissions than they would have paid in a truly competitive market. The class action settlement is for $730 million and will be available mostly to those who demonstrate that they have been affected by these anti-competitive practices.
The defendants in this case, which include major brokerage firms such as Compass, Real Brokerage, Realty ONE, At World Properties LLC, Douglas Elliman, Redfin, Engel & Völkers, HomeSmart and United Real Estate, have collectively agreed to a payment of more than 110 million dollars to a settlement fund. This amount is part of a total agreement that exceeds $730 million, intended to compensate those sellers who paid commissions during the period in question.
The defendants named below agreed to collectively pay more than $110 million to a settlement fund:
- Compass Inc. paid $57.5 million
- Real Brokerage paid 9.25 million dollars
- Realty ONE paid 5 million dollars
- @Properties paid $6.5 million
- Douglas Elliman paid $7.75 million and up to $10 million more in additional contingent payments
- Redfin paid $9.25 million
- Engel & Völkers paid 6.9 million dollars
- HomeSmart paid $4.7 million
- United Real Estate paid $3.75 million
The current value of all proposed settlements with these and other defendants is more than $730 million.
How much will you receive from this class action lawsuit against the real estate industry?
Under the terms of the settlement, class members can receive a proportionate share of each settlement fund, based on how much harm these alleged practices caused them. Therefore, the amount to be paid to each plaintiff varies, and depends on the impact caused during the commission transaction.
The deadline for exclusion and objection is October 3, 2024. The final approval hearing for the agreement is scheduled for October 31, 2024.
File a Claim as soon as possible
To obtain a payment from the Real Estate Commission Settlements, class members must submit a valid claim form by May 9, 2025. However, those who have already submitted a claim form in connection with other defendants in this dispute they do not need to send a new one to receive payment.
Who is eligible to receive a compensation?
Qualified applicants who can receive a payment must meet one of the following conditions:
- If you sold a home on a multiple listing service (MLS) anywhere in the United States.
- He paid a commission to a real estate agency in connection with the aforementioned sale.
For more information on eligible date ranges and to see if you are eligible for a payment, you can visit the settlement website, RealEstateCommissionLitigation.com.