US Real Estate Brokerages to Face Class Action Lawsuit Over Commission Practices
A recent article by Reuters highlights a crucial development in the real estate industry. A US judge has ruled that major real estate brokerages must face a class action lawsuit filed by home sellers, accusing them of conspiring to inflate commissions.
👉 Read the full article here: https://www.reuters.com/legal/us-real-estate-brokerages-must-face-home-sellers-class-action-over-commissions-2023-03-29/
In simpler terms, this lawsuit alleges that brokerages have been working together to overcharge home sellers on commissions, which are fees paid to real estate agents for their services. The plaintiffs claim that these brokerages have violated federal antitrust laws, causing financial harm to home sellers.
The lawsuit targets some of the biggest names in the industry, including Realogy Holdings Corp, Keller Williams Realty Inc, HomeServices of America Inc, and Re/Max Holdings Inc.
If the class action succeeds, it could have significant implications for the real estate industry and potentially lead to changes in the way commissions are structured.
Stay tuned for further updates on this important legal development in the real estate world.