Williams Dirks Dameron acted as co-lead counsel representing Missouri home sellers in the Burnett, et al. v. National Association of Realtors (“NAR”), et al. who won a $1.8 Billion jury verdict in the U.S. District Court for the Western District of Missouri.
Plaintiffs’ lawsuit alleged that NAR’s “Cooperative Compensation Rule” and the brokerages conspiracy to enforce this rule was a violation of antitrust laws and led to inflated commission rates.
The Cooperate Compensation rule requires that home sellers pay commissions to the buyer’s agent when a home seller lists a home on an MLS and brokerages enforce this rule by requiring that their franchisees and agents be members of NAR and adhere to its rules.
After a two-week trial and three hours of deliberation, the jury found that NAR and brokerages including Keller Williams and HomeServices conspired to artificially inflate the commissions paid to real estate agents, and required defendants to pay $1.8 Billion in damages. That amount will be trebled by the Court.
Prior to trial, settlements were reached with Re/Max and Anywhere Real Estate, which includes Coldwell Banker, Century 21, and Sotheby’s.
Home Sellers Win $1.8 Billion After Jury Finds Conspiracy Among Realtors, New York Times, Oct. 31, 2023
A Big Legal Defeat for the Realtors, Wall Street Journal, Oct. 31, 2023