Katie Johnson, General Counsel and Chief Member Experience Officer, of the National Associations of REALTORS® (NAR) shared a recent development in the buyer class action litigation along with some background information.
In May 2022, an Illinois federal court dismissed a class action lawsuit against NAR and four corporate defendants alleging that listing brokers compensating buyer brokers is a "conspiracy" in violation of the Sherman Antitrust Act and artificially inflates buyer costs leading to higher home prices. In May, the judge granted NAR’s motion to dismiss because plaintiffs were indirect purchasers of brokerage services and therefore were unable to adequately plead a claim under federal antitrust law. Last week, the plaintiffs filed a new, amended complaint that makes all the same allegations but alleges that the defendants violated specific state laws (not federal laws). The new complaint does not further the plaintiff's argument, and NAR will move to dismiss it.
NAR will continue to make the case that the pro-competitive, pro-consumer local broker marketplaces serve the best interests of buyers and sellers. Sellers making offers of compensation to buyer brokers gives first-time, low/middle-income and all homebuyers a better shot at affording a home and professional representation to navigate this critical purchase. NAR is confident the court will dismiss this amended complaint.
NAR has a number of resources at competition.realtor that show the value of a Realtor®.
Attached are some stories shared from Missouri REALTORS': #Itsyourstory and also a post about the Broward, Palm Beaches & St. Lucie REALTORS' consumer awareness campaign.
Sharing the value Realtors® bring to clients and communities remains an important part of SPAAR’s work on behalf of all members.
Time for a few more CE Credits
Tune into SPAAR’s course offerings for CE Credits to stay compliant or simply to take advantage of topics offered.