In a landmark decision for the Real Estate Industry, The United States District Court has approved the proposed Settlement Agreement in the Nosalek class action buyer broker commission antitrust lawsuit against the multiple listing service, otherwise known as MLS PIN. This agreement brings an end to the long-standing dispute over the practices of MLS PIN in their dealings with real estate brokers and their buyer clients.
Under the terms of the settlement, MLS PIN is required to cease implementing laws regarding the compensation of buyer brokers, and will no longer participate in any activities that involve enforcing, endeavoring or threatening to enforce a buyer brokerage contract that contains a commission laid by MLS PIN. While historic policies that affect transactions prior to the agreement remain in effect, the resolution of the litigation ensures that MLS PIN will no longer be able to implement commission rates for buyer brokers in the future.
Important summary points:
• United States District Court has approved proposed Settlement Agreement in the Nosalek class action buyer broker commission antitrust lawsuit against MLS PIN
• Agrement requires MLS PIN to cease implementing laws regarding compensation of buyer brokers
• No longer participate in any activities that involve enforcing, endeavoring or threatening to enforce a commission rate for buyer brokers
• Historic policies that affect transactions prior to the agreement remain in effect to ensure MLS PIN will no longer be able to implement commission rates for buyer brokers in the future.
You can read this full article at: https://www.housingwire.com/articles/judge-approves-mls-pin-settlement-in-nosalek-suit/(subscription required)
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