LOS ANGELES (AP) — One of the nation's largest real estate brokerages has agreed to pay $70 million as part of a proposed settlement to resolve more than a dozen lawsuits across the country over agent commissions.
In October, a federal jury in Missouri found that the National Association of Realtors and several large real estate brokerages, including Keller Williams, conspired to require that home sellers pay homebuyers' agent commission in violation of federal antitrust law.
More than a dozen similar lawsuits are pending against the real estate brokerage industry.
Two other large real estate brokerages agreed to similar settlement terms last year.
In their respective pacts, Anywhere Real Estate Inc. agreed to pay $83.5 million, while Re/Max agreed to pay $55 million.
Persons:
brokerages, ”, Michael Ketchmark, Keller Williams, homebuyers, “, ” Gary Keller, Max
Organizations:
ANGELES, Keller Williams Realty Inc, National Association of Realtors, Inc
Locations:
Illinois, Missouri, Austin , Texas