Court Grants Preliminary Approval of NAR Settlement

On April 23, the U.S. District Court for the Western District of Missouri granted preliminary approval of the National Association of REALTORS®’ proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions.
 

Plaintiffs filed a motion last Friday for preliminary approval of the settlement agreement in the Western District of Missouri. The court acted quickly to preliminarily approve the motion, calling the agreement “fair, reasonable and adequate.” The plaintiffs’ filing initiated the 60-day period during which all REALTOR®-owned MLSs, brokerages with total residential transaction volume above $2 billion in 2022 and non-REALTOR® MLSs that want to be covered by the settlement must act. The deadline to submit the opt-in agreements is June 18.

Read more.