Jury finds NAR, brokerages guilty of conspiring to inflate commissions19195
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 Graphic by DALL-E (V3) (See Prompt below) HousingWire (31 October 2023) Missouri jury finds NAR, brokerages guilty of conspiring to inflate commissions After two weeks of testimony the Kansas City jury found NAR, HomeServices and Keller Williams guilty of collusion ChatGPT4 Summarizes the news article below: ==== Summary: A Kansas City jury has found the National Association of Realtors (NAR), HomeServices of America, and Keller Williams guilty of antitrust violations by colluding to keep commission rates high through the NAR's Clear Cooperation Rule. The defendants have been ordered to pay $1.78 billion in damages, which could potentially double if treble damages are applied. The ruling may also pave the way for additional class-action lawsuits in other states. Key Takeaways 1. The National Association of Realtors, HomeServices of America, and Keller Williams have been found guilty of colluding to inflate or maintain high real estate commission rates. 2. Damages amount to $1.78 billion, with the possibility of more than doubling if treble damages are applied. 3. The verdict was reached after over two weeks of testimony from both plaintiffs and defendants. 4. Despite having antitrust rules, the defendants knowingly violated their own regulations to maintain high commission rates, according to the lead plaintiff's attorney. 5. Judge Stephen Bough still needs to issue his final judgement, and has wide latitude in issuing injunctive relief. 6. In the worst-case scenario, the cooperative compensation rule could be banned nationally, disrupting traditional commission structures in the real estate industry. 7. Alternative outcomes could include keeping parts of the rule intact with minor adjustments. 8. RE/MAX and Anywhere were originally included as defendants but have reached settlements in this and two other similar cases. 9. The NAR and Keller Williams plan to appeal the verdict, claiming that crucial evidence was not allowed in court. 10. HomeServices also plans to appeal, warning that the decision may make it more difficult for buyers and sellers in an already challenging real estate market. This landmark case has significant ramifications for the real estate industry, particularly around commission structures and competition. It also opens the door for similar legal actions in other states, putting pressure on real estate agencies and associations to review their practices. === Here is the ChatGPT4 Prompt that generated the above: Imagine that you are are reporter for USA today. You have been asked to provide up to 10 bullet points - takeaways - from the following article. Also include a paragraph that summarized the news story. Here is the article: [article] Here is the DALL-E (V3) Prompt that generated the graphic above: Illustration of a large, ornate courthouse set against a Kansas City skyline. In the foreground, a balance scale is prominently displayed. One side of the scale is weighed down by a heavy gold coin, while the other side is teetering upwards. Surrounding the scale, there are shadowy figures of houses symbolizing the real estate market. Above the scene, dark storm clouds gather, indicating the gravity and turmoil of the situation. |
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| Real Estate News (31 October 2023) New commissions lawsuit filed on the heels of Sitzer/Burnett verdict After the jury unanimously found for the plaintiffs in the Missouri case, the lead attorney announced he was filing a nationwide suit naming NAR, 7 brokerages. In requesting that the lawsuit be granted class action status, the complaint aims to include every home seller in the U.S. who used a listing broker affiliated with the defendants and listed it on an MLS between "Oct. 31, 2019 to present," according to the filing. The complaint did not list a specific damage amount, but stated that damages should provide "appropriate injunctive and equitable relief." |
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