2023 - Sept 18th

RE/MAX settles buyer broker commission lawsuits for $55 million

Agents/Brokers, Real Estate

Yet another national real estate brokerage firm has reached a settlement agreement in two of the major class action antitrust lawsuits facing the real estate industry.

According to court documents filed on Monday, RE/MAX and the home sellers suing the firm in both the Moehrl and Sitzer/Burnett cases, which both deal with buyer brokers’ commissions, have reached a preliminary settlement agreement, settling all claims in both suits.

RE/MAX’s settlement agreements, as well as the earlier settlement agreements reached by Anywhere Real Estate, must be approved by the U.S. District Court judges in Illinois (Moehrl) and Missouri (Sitzer/Burnett), who are overseeing the two lawsuits.

Details of the settlement agreements will not be disclosed until the plaintiffs file a motion to approve the settlement agreements.

However, a filing with the Securities and Exchange Commission reveals some details of the RE/MAX settlement.