Exciting News: MLSs and Brokerages Make Big Step Towards Settlement – Don’t Miss Out!

Settlement Agreement Approval Brings Relief to Brokerages and MLSs

The recent approval of the National Association of Realtors’ (NAR) commission lawsuit settlement agreement has brought a sense of relief to brokerages and non-Realtor-owned multiple listing services (MLSs) who opted into the agreement. This significant development, overseen by Judge Stephen R. Bough, marks a crucial step in resolving the Sitzer/Burnett and Gibson/Umpa suits through the opt-in mechanism negotiated by NAR.

Here are some key highlights of the recent approval and what it means for the involved parties:

• Preliminary Approval: After careful consideration, Judge Bough granted preliminary approval to the 13 brokerages and 15 MLSs that chose to settle the commission lawsuits via NAR’s opt-in mechanism. This decision adds these parties to the larger case and paves the way for the final approval process set to take place on Nov. 26, 2024, coinciding with the final approval hearing for the NAR settlement.
• Financial Contributions: The 28 parties that opted into the settlement agreement are collectively contributing an additional $30.6 million to the settlement fund. The specific amount each party will pay was determined based on the formula outlined in NAR’s settlement agreement or through a thorough review of the firm’s financial statements and negotiations.
• Smooth Approval Process: The plaintiffs’ motion for preliminary approval of the settlements encountered no opposition, given the comprehensive nature of the agreements. While Judge Bough had already granted preliminary approval to NAR’s settlement and the opt-in mechanism, the plaintiffs sought preliminary approval "out of an abundance of caution" to ensure the process proceeded smoothly.

In conclusion, the recent approval of the settlement agreement brings a sense of closure and relief to the brokerages and MLSs involved in the commission lawsuits. By opting in and contributing to the settlement fund, these parties have taken a significant step towards resolving the legal complexities surrounding the NAR lawsuit. As the final approval date approaches, it is crucial for all parties to remain engaged and cooperative to bring this chapter to a positive conclusion.