Home Sellers Seek $100 Billion From Goliath Realtor Groups (1)
A verdict finding the National Association of Realtors and other industry players guilty of colluding to inflate brokerage commissions in Missouri has emboldened the plaintiffs attorneys to pursue a far more ambitious case.
The proposed class action, filed Tuesday against NAR as well as other seven defendant brokerages including Compass Inc., Weichert Realtors, and Redfin Corp., would cover all home sellers across the US who paid commissions over the last four years, and seek damages of more than $100 billion.
The new lawsuit came the same day a jury awarded $1.8 billion in damages to sellers in Missouri who accused the association and related brokerages of colluding to maintain high commissions, adding to a series of lawsuits seeking to curb how real estate agents are paid.
This is going to make some plaintiffs’ lawyers very rich. Is it too early to put in the order for the Gulfstream? You don’t want to wait too long!