Deal Made: MLSs and Brokers Get Preliminary Approval of Opt-in Settlements
The brokers and MLSs that are not owned by brokers who have decided to sign up for the National Association of Real Estate Agents (NAR) commission-lawsuit settlement agreement can breathe a sigh of relief.
As expected, Judge Stephen R. Bough, who is overseeing the Sitzer/Burnett and Gibson/Umpa lawsuits, granted preliminary approval to the 13 brokers and 15 MLSs that opted to settle the commission lawsuits through the opt-in mechanism discussed NAR had negotiated in its agreement. settlement.
Bough’s approval adds the MLSs and brokers who opted for NAR’s settlement to the larger case. Final approval of these settlements will occur on November 26, 2024, in addition to the final approval hearing for the NAR settlement.
In total, the 28 parties that signed on will contribute an additional $30.6 million to the settlement fund. The amount each party will pay was determined through the formula in NAR’s settlement agreement or through a review of the company’s “internal financial statements and arm-length negotiations.”
Although the plaintiffs’ request for preliminary approval of the settlements faced no opposition and Bough had already granted preliminary approval to NAR’s settlement and the opt-in mechanism defined therein, the plaintiffs said they were asking the court for preliminary approval “out of an abundance of caution.”
