Buyers and sellers who feel commission settlements don’t go far enough are fighting back in court, and cases are piling up.
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Each week on Download, Inman’s Christy Murdoch goes deeper into the week’s hottest stories to give you the information you need to face Monday. This week: Buyers and sellers who believe commission settlements aren’t strong enough are fighting back in court, and cases are piling up.
As the August implementation date for the Commission Litigation Settlement approaches, and the courts slowly but surely approve the settlement (the National Association of Realtors’ approval date is set for November 26), there is a sense of relief and belief that we are moving toward clarity ‘s new normal.
However, many buyer and seller plaintiffs in the Commission litigation watched with concern as multibillion-dollar awards turned into multimillion-dollar settlements, and they are opposing approval of settlements that have not yet been finalized and are challenging those who have.
On July 1, the law firm Knie and Shealy, which represented South Carolina home sellers in a retainer lawsuit filed in November, filed a notice of appeal in the U.S. District Court for the Western District of Missouri. The notice informed the court that the company’s clients will seek the U.S. Court of Appeals for the Eighth Circuit to overturn Judge Stephen R. Bough’s decision to approve a nationwide settlement resolving antitrust claims against major real estate franchisees Anywhere, Keller Williams and RE/. limit.
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The settlement between the three franchisees covers claims in the case known as Sitzer | Burnett, Moehrl and Nosalek and other similar home seller packages across the country.
So far, the home sellers’ legal filings on the appeal don’t contain any arguments, but early legal filings offer clues. Previous objections argued that the settlement went well beyond the scope of the original lawsuit that led to the deal and that the settlement amount for the three franchisees, which totaled $208.5 million, was “too low to adequately compensate the substantial number of injured parties here.”
Extra: Sellers hesitant over payment appeal commission not enough
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Christy Murdock is an author, coach, consultant and owner of Write Real Estate. Follow Writing Real Estate on Instagram and subscribe to Tomato Sauce, a weekly roundup.
