The National Association of Realtors and other industry players conspired to boost the commissions paid to real estate agents, jury rules.
The National Association of Realtors and several real estate companies were ordered to pay $1.8 billion in damages after a federal jury in Missouri on Tuesday ruled that they conspired to artificially inflate brokerage commissions.Beyond the realtors' association, defendants in the case include Keller Williams, Berkshire Hathaway's HomeService of America and two of its subsidiaries. The verdict came after a two-week trial in federal court in Kansas City.
Two other brokerages, Re/Max and Anywhere Real Estate, settled with the plaintiffs earlier in the year, paying a combined $138.5 million and agreeing to no longer require that agents belong to the NRA. HomeServices expressed disappointment with the ruling and vowed to appeal.'Today's decision means that buyers will face even more obstacles in an already challenging real estate market, and sellers will have a harder time realizing the value of their homes.
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