ReMax Settles brokerage commission lawsuit with big bucks
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.
If approved by the judges, the settlement would remove RE/MAX from the landmark lawsuits without holding the company responsible for claims outlined in them. The lawsuits, known as Sitzer/Burnett and Christopher Moehrl, allege the brokerages violated the Sherman Antitrust Act by colluding with the National Association of Realtors to inflate commissions paid by home sellers.
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
