Update from Katie Johnson - NAR Chief Legal Officer

Good morning, all.

I wanted to share a quick update on the Burnett case.

Yesterday, we took an important step in formally challenging the flawed Burnett verdict by filing motions asking the Court to vacate the verdict and enter judgment as a matter of law in favor of NAR or order a new trial. These motions are part of the post-trial process that occurs prior to the filing of an appeal.

As detailed in these briefs, we believe we have solid grounds for our continuing objections to this verdict. As you know, at trial we presented evidence that the policies in place - including the cooperative compensation Model Rule - promote competition and pro-consumer local MLS broker marketplaces that ensure equity, efficiency, transparency and market-driven pricing options for home buyers and sellers. The plaintiffs, on the other hand, presented no evidence to support their allegations of a conspiracy and did not substantiate their claims that home sellers were harmed.  We strongly believe that the jury's verdict was driven by improper legal instructions that limited the evidence the jury could consider in coming to their decision.

According to the schedule set by the Court, the motions will be fully briefed by mid-March, and the Court will rule on them sometime after that.

My team and I are here to answer any questions that you may have, and we'll continue to keep this group aware of any important legal milestones.

Katie