Judge Approves $250M Settlement in NAR Antitrust Lawsuit

Aug 13, 2024, 02:01 PM

A judge has granted preliminary approval for a $250 million class action settlement to resolve an antitrust lawsuit filed by sellers against the National Association of Realtors (NAR) and other companies. The lawsuit accused these entities of conspiring to artificially inflate broker commission fees. Plaintiffs have protested the 'compulsory' Realtor membership required to access the Multiple Listing Service (MLS) after the guaranteed broker commission was removed. They argue that this membership rule is akin to mandating membership in a union, violating antitrust laws and constituting economic coercion and unfair restraint on trade.