A date for the final approval conference for RE/MAX’s and Anywhere’s settlement agreements in the Sitzer/Burnett, Moehrl and Nosalek commission lawsuits has finally been set.
The conference is slated for Thursday, May 9, 2024, at 10 a.m., according to a text entry on the Sitzer/Burnett court docket on Friday.
Both RE/MAX and Anywhere reached settlement agreements in the Sitzer/Burnett and Moerhl lawsuits in Sept. 2023, with the Nosalek plaintiffs joining the settlements in late October. In mid-November, Judge Stephen Bough, who oversaw the Sitzer/Burnett trial, granted preliminary approval of the settlement agreements.
In the agreements RE/MAX and Anywhere agree to pay $55 million and $83.5 million, respectively, as well as make changes to how their agents practice real estate, including no longer requiring agents to belong to the National Association of Realtors or follow NAR’s Code of Ethics or the MLS Handbook. Other changes outlined in the agreements include that the firms will require or encourage agents to make it clear to clients that commissions are negotiable, that agents will have the freedom to set or negotiate commissions as they see fit, and that agents will not be required to make offers of compensation or accept offers of compensation from cooperating brokers.
Although executives at both Anywhere and RE/MAX were pleased that their settlements were granted preliminary approval, it remains to be seen if the Department of Justice will try to get involved in the Sitzer/Burnett suit as it has already done in the Nosalek lawsuit. Many analysts and observers expect the DOJ to get involved at some point.
A final ruling in the Sitzer/Burnett suit is not expected until mid-to-late spring 2024.
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