ReMax Settles brokerage commission lawsuit with big bucks
RE/MAX will cough up an eight-figure sum to extricate itself from two class-action lawsuits over real estate agent commission payments.
The company agreed on Friday to pay $55 million to settle the claims filed, according to a document filed with the Securities and Exchange Commission.
The agreement also commits RE/MAX to making “certain changes to its business practices,” according to the SEC document filed Monday. Among the changes is to no longer require sellers to pay buyer’s agents’ commission.
Source Inman News