REBNY and several prominent brokerages are currently grappling with another lawsuit that alleges the copying of commission rates. The Real Estate Board of New York (REBNY), along with various national and New York-based real estate brokerages, is facing legal action for the second time, as a recent suit claims that they are engaging in anti-competitive practices by adopting each other’s commission rates. This fresh legal challenge is reminiscent of a previous case from last year that accused the same entities of price-fixing, which ultimately led to a settlement agreement.
• REBNY and multiple national and New York-based brokerages are embroiled in a second lawsuit.
• Allegations include the copying of commission rate practices.
• The lawsuit asserts that these actions are anti-competitive in nature.
• This legal action follows a similar case from last year that resulted in a settlement.
• The lawsuit poses significant implications for the real estate industry and the parties involved.
At the heart of the matter is the accusation that these industry leaders are engaging in anti-competitive behavior by adopting similar commission rates, thereby limiting consumer choice and stifling competition. The previous settlement reached in response to similar allegations raises concerns about whether there may be merit to the current case as well. This lawsuit has far-reaching implications within the real estate industry and could potentially reshape the way these brokerages operate moving forward. The outcome will undoubtedly have a significant impact on the market landscape and the relationship between brokers and clients in New York and beyond.
You can read this full article at: https://www.housingwire.com/articles/second-copycat-commission-lawsuit-filed-against-rebny/(subscription required)
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