Here’s a recap of major real estate industry developments since the Sitzer/Burnett verdict, from NAR settlement updates to an objection that could change everything. We’re also sharing a timeline of BAM events, including our final event of 2024.
On Monday, May 3, 2024, Redfin became the 10th brokerage to reach a settlement, filing a Form 8-K report with the U.S. Securities and Exchange Commission (SEC) agreeing to pay $9.25 million to settle commission lawsuits.
On Friday, May 3, 2024, the National Association of Realtors (NAR) released information about upcoming changes to its practices regarding the MLS, based on nine requirements stipulated in the proposed settlement agreement.
New York-based Douglas Elliman is the latest real estate firm to settle, agreeing to pay $7.75 million within 30 days of the proposed settlement’s preliminary approval, followed by two additional payments of $5 million each over the next three years.
In an order released on Tuesday, April 23, Judge Stephen R. Bough granted preliminary approval of the NAR settlement, describing the sweeping changes in the agreement as “fair, reasonable, and adequate.” A final approval hearing is set for November.
Tom Toole shares his four biggest takeaways from the NAR settlement to help you prepare your business now for the changes coming in July if the settlement is approved.
On Friday, March 22, 2024, Compass agreed to a proposed settlement amounting to $57.5 million, adding to the total settlement funds in industry lawsuits.
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