Summary: Proposed class action lawsuit includes property owners who listed their properties for sale on an MLS with agents from seven major brokerages.
A proposed class action lawsuit has been filed targeting seven of the largest brokerages in the country, alleging that these companies engaged in anticompetitive behavior. The lawsuit aims to include individuals who listed their properties for sale on a Multiple Listing Service (MLS) with an agent from one of these brokerages since 2019.
Key Points:
– Proposed class action lawsuit against seven major brokerages.
– Allegations of anticompetitive behavior.
– Lawsuit targets property owners who listed their properties on an MLS with one of the named brokerages.
– Class includes individuals from 2019 to the present.
– Plaintiffs seek compensation for potential damages caused by alleged anticompetitive practices.
The lawsuit claims that the seven brokerages, which hold significant market shares, engaged in practices that resulted in artificially inflated commission fees paid by sellers. The plaintiffs argue that these practices restricted competition and deprived them of potential savings. If the class action is successful, those listed properties since 2019 could be eligible for compensation for damages resulting from these alleged anticompetitive practices.
You can read this full article at: https://www.housingwire.com/articles/the-latest-real-estate-commission-lawsuit-is-the-scariest-of-them-all/(subscription required)
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